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| | | | | Charging stations and equipment | | | | |
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Depreciation and impairment | | | | | | | | | |
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Depreciation charge for the year | | | | | | | | | |
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Depreciation charge for the year | | | | | | | | | |
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management assesses on a forward looking basis the expected credit
losses associated with its debt instruments carried at amortised cost.
The agreement to defer repayment of the loan to Fastned Terra 1 B.V. is
evidence that the loan is credit-impaired. In 2022 an impairment
charge of \u20ac452 thousand has been included in the income statement
for the expected credit loss during the life of the loan to Fastned Terra
1 B.V.
Credit facility to Fastned Terra 1 B.V.
Fastned Terra 1 B.V. has a credit facility with the Group. At 31
December 2022 this facility was unused (2021: \u20acnil). This facility is
related to the loan to Fastned Terra 1 B.V. and its purpose is to provide
working capital.
In determining the expected credit losses for the loans to Fastned
Terra 1 B.V. , the directors of the Company have taken into account the
historical default experience, the financial position of the
counterparties, and the security attaching to the loans as well as the
future prospects for the electric vehicle charging industry. See also
note 14.6, credit risk section.
Pledged assets
The Group has \u20ac2.7 million of restricted cash related to construction
and operating guarantees provided in relation to French stations in
2022.
Lease receivable
Fastned recognises lease receivables for a finance leasing
arrangement as a lessor of a commercial space to a lessee to operate a
shop at one station location. The commercial space is attached to the
station to be renovated by Fastned. A new lease contract will be
drafted when the station is operational. Fastned is not exposed to
foreign currency risk as it is denominated in Euros.
Amounts receivable under finance lease:
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| | |
| | |
Undiscounted lease payments | | |
| | |
Present value of lease payments receivable,net | | |
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| | |
Construction service arrangements financial assets
Fastned recognises a financial asset to the extent that it has an
unconditional contractual right to receive cash or another financial
asset from or at the direction of the public sector entity granting the
service arrangement.
Amounts related to construction contracts:
| | |
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| | |
Released to profit or loss | | |
| | |
14.3Financial liabilities: Interest-bearing loans and borrowings
| | | | |
Interest-bearing loans and borrowings | | | | |
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Total interest-bearing loans and borrowings | | | | |
Unsecured bonds
In June 2022, Fastned raised \u20ac23.1 million through issue of corporate
bonds, and in addition, investors extended \u20ac7.3 million from earlier
bonds issues. Interest on this bond is 5.0% per annum, payable
quarterly in arrears. In December 2022, Fastned raised an additional
\u20ac10.9 million of corporate bonds and \u20ac2.3 million of extensions from
earlier bonds issues. Interest on this bond is 5.0% per annum, payable
in quarterly arrears.
The Group is entitled to repay all or part of all outstanding bonds at
any time. The bonds mature after 5 years. The purpose of the bond is
to finance new stations and operating expenses. There are no
securities for the bonds and there are no covenants applicable that
could require Fastned to repay any of the loans. The bonds are not
subordinated and trading is very limited as they are not registered on
any exchange.
Secured loan
Fastned secured a new loan with Caisse des D\u00e9p\u00f4ts during 2022.
Interest is a fixed component of 4% in the first two years. A variable
component will be added after two years, based on the kwh sold,
payable annually in arrears.
14.4Reconciliation of liabilities arising from financing activities
| | | | | | | | |
| | | | | | |
| | | | | | | | |
Financial assets: interest bearing loans and borrowings | | | | | | | | |
Loan to Fastned Terra 1 B.V. | | | | | | | | |
Credit facility to Fastned Terra 1 B.V. | | | | | | | | |
Current account Fastned Terra 1 B.V. | | | | | | | | |
| | | | | | | | |
Non-current liabilities : interest bearing loans and borrowings | | | | | | | | |
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| | | | | | | | |
Financial assets: interest bearing loans and borrowings | | | | | | | | |
Loan to Fastned Terra 1 B.V. | | | | | | | | |
Credit facility to Fastned Terra 1 B.V.16 | | | | | | | | |
Current account Fastned Terra 1 B.V. | | | | | | | | |
| | | | | | | | |
Non-current liabilities : interest bearing loans and borrowings | | | | | | | | |
| | | | | | | | |
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16 Up until acquisition of Fastned Terra 2 B.V. on 1 August 202014.5Fair values
Set out below is a comparison, by class, of the carrying amounts and
fair value of financial instruments, other than those with carrying
amounts that are reasonable approximations of fair values:
| | | | |
| | Fair value measurement using significant unobservable inputs |
| | | | |
| | | | |
Interest-bearing loans and borrowings, net | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Interest-bearing loans and borrowings | | | | |
| | | | |
Management assessed that cash and cash equivalents, trade and other
receivables, trade and other payables, and other current liabilities
approximate to their carrying amounts largely due to the short-term
maturities of these instruments.
The fair value of the interest-bearing loans and borrowings is included
at the amount at which the instrument could be exchanged in a
current transaction between willing parties, other than in a forced or
liquidation sale. The following methods and assumptions were used to
estimate the fair values:
\u2022Long-term fixed-rate borrowings are evaluated by the Group
based on parameters such as interest rates and the risk
characteristics of the financed project.
\u2022The fair value of the interest-bearing loans and borrowings is
estimated by discounting future cash flows using rates
currently available for debt on similar terms, credit risk and
remaining maturities, being sensitive to a reasonably possible
change in the forecast cash flows or the discount rate.
Management regularly assesses a range of reasonably possible
alternatives for those significant unobservable inputs and determines
their impact on the total fair value.
14.6Financial risk management objectives and policies
The Group\u2019s principal financial instruments comprise loans and
borrowings, trade and other payables. The main purpose of these
financial liabilities is to finance the Group\u2019s operations. The Group\u2019s
principal financial instruments include trade and other receivables and
cash and cash equivalents that derive directly from its operations.
The Group is exposed to interest risk, credit risk and liquidity risk. The
Group\u2019s senior management oversees the management of these risks.
It is the Group\u2019s policy that no trading in derivatives for speculative
purposes may be undertaken. The Board of Directors reviews and
agrees policies for managing each of these risks, which are
summarised below.
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a
financial instrument will fluctuate because of changes in market
interest rates. The Group\u2019s exposure to the risk of changes in market
interest rates is low due to the Group\u2019s long-term debt obligations
with fixed rates.
Commodity price risk
The Group is affected by the price volatility of certain commodities. Its
operating activities require the ongoing purchase of electricity and
therefore require a continuous supply of electricity. The Group
purchases electricity on the spot wholesale market. As the energy
costs are a relatively small part of the P&L and Fastned has the ability
to increase sales prices to account for increases in electricity prices,
energy costs are not hedged. There are no financial instruments
related to commodity price risk.
The Group\u2019s Board of Directors has developed and enacted a risk
management strategy for commodity price risk and its mitigation.
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations
under a financial instrument or customer contract, leading to a
financial loss. The Group is exposed to credit risk from its operating
activities (primarily trade receivables, see Note 15) and from its
financing activities, including deposits with banks and financial
institutions, (refer to Note 16) and other financial instruments.
Fastned B.V. has a loan receivable of \u20ac1.24 million in total with Fastned
Terra 1 B.V. (refer to Note 14.2), which creates a credit risk. The
chargers owned by Fastned Terra 1 B.V. form a security for these loans.
Trade receivables
A large portion of revenues is collected via direct debit or credit and
debit cards from private individuals. The associated credit risk is low
because the risk is spread over a large number of individual customers.
Receivables from charge card providers are invoiced monthly, and
spread over a small number of charge card providers, and monitored
to ensure no build up of overdue amounts.
Financial instruments and cash deposits
Credit risk from balances with banks and financial institutions is
managed in accordance with the Group\u2019s policy. Investments of
surplus funds are made only within credit limits assigned to each
counterparty. Counterparty credit limits are reviewed by the Group\u2019s
Board of Directors on an annual basis, and may be updated throughout
the year. The limits are set to minimise the concentration of risks and
therefore mitigate financial loss through a counterparty\u2019s potential
failure to make payments.
Liquidity risk
The Group monitors its risk of a shortage of funds using a liquidity
planning tool. See also the going concern statement in Note 1.
The Group\u2019s objective is to realise its mission and therefore during the
scale up phase continuity of funding is required, while maintaining a
balance between debt and equity. The Group manages the liquidity
risk by regularly issuing new equity and through entering long-term
debt agreements to ensure sufficient liquidity and to repay debts as
they fall due.
The table below summarises the maturity profile of the Group\u2019s liabilities based on contractual undiscounted payments.
| | | | | |
| | | | | |
Year ended 31 December 2022 | | | | | |
Interest-bearing loans and borrowings (other than convertible preference shares) | | | | | |
Interest on interest-bearing loans and borrowings | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Year ended 31 December 2021 | | | | | |
Interest-bearing loans and borrowings (other than convertible preference shares) | | | | | |
Interest on interest-bearing loans and borrowings | | | | | |
| | | | | |
| | | | | |
| | | | | |
Trade and other receivables and prepayments
| | |
| | |
| | |
Taxes and social securities | | |
| | |
| | |
Total trade and other receivables and prepayments | | |
The Group applies the IFRS 9 simplified model of recognising lifetime
expected credit losses for all trade receivables as these items do not
have a significant financing component. In measuring the expected
credit losses, the trade receivables have been assessed on a collective
basis as they possess shared credit risk characteristics. They have
been grouped based on the days past due.
Trade receivables are written off (i.e. derecognised) when there is no
reasonable expectation of recovery. Failure to make payments within
365 days from the invoice date and failure to engage with the Group
on alternative payment arrangements amongst others are considered
indicators of no reasonable expectation of recovery. Trade receivables
are non-interest bearing and are generally on terms of 14 days. As at 31
December 2022, the provision for trade receivables amounted to \u20ac131
thousand.
As at 31 December 2022, the ageing analysis of trade receivables is, as
follows:
As at 31 December 2021, the ageing analysis of trade receivables is, as
follows:
Cash
| | |
| | |
| | |
Cash at banks and on hand | | |
Total cash and cash equivalents | | |
Cash at banks earns, or is charged, interest at floating rates based on
daily bank deposit rates. Cash includes all cash-on-hand balances and
credit card receivables.
Cash at banks and on hand includes demand deposits \u20ac105.0 million
(2021: nil) with a maturity of three months or less.
Cash and cash equivalents are current account balances,
concentrated at one bank under supervision of the Dutch Central Bank
with an A or equivalent long term rating.
At 31 December 2022, the Group had no restricted cash balances
.
Issued capital and reserves
| | |
| | |
| | |
| | |
Authorised shares of \u20ac0.01 each | | |
Issued and fully paid shares of \u20ac0.01 each17 | | |
| | |
| | |
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| | |
The shares do carry voting rights. Holders of the DR's do not have
voting rights and have the right to attend the General Meetings to
speak at such meetings. They also have the right to appoint the
members of the board of FAST upon nomination by the board of FAST.
During 2022, 88,261 DRs were issued to employees and former
employees exercising options under Fastned option plans. Employee
17 Total issued shares includes treasury shares.options for 456,328 DRs were outstanding as at 31 December 2022,
see note 22.
| | |
| | |
| | |
Issuance of share capital (certificates) | | |
Transaction costs for issued share capital (certificates) | | |
| | |
Issuance of share capital (certificates) | | |
Transaction costs for issued share capital (certificates) | | |
| | |
| | |
| | |
| | |
Shares returned to Fastned | | |
| | |
To facilitate administration of the Employee share option scheme, a
number of shares may be issued in advance by FAST and DRs
transferred to Fastned BV. These shares are not included within
Treasury shares since no consideration has yet been received for
them. As at 31 December 2022 97,870 such DRs were held by Fastned
BV.
All other reserves are as stated in the statement of changes in equityTrade and other payables
| | |
| | |
| | |
| | |
Taxes and social securities | | |
| | |
Total trade and other payables | | |
Other liabilities include contractual liability from construction
contracts amounting to nil(2021: \u20ac10 thousand).
Terms and conditions of the above liabilities:
\u2022Trade payables are non-interest bearing and are normally
settled on 30-day terms
\u2022Other payables are non-interest bearing and have a term of
one month to six months
\u2022Please refer to Note 14.6 for the maturity profile of the
liabilities.
For explanations on the Group\u2019s credit risk management processes,
refer to Note 14.6.
Lease liabilities
Provisions
Provisions are recognised where a legal or constructive obligation
exists at the balance sheet date, as a result of a past event where the
amount of the obligation can be reliably estimated and where the
outflow of economic benefit is probable.
The Group records provisions for the removal of the charging station
at the end of the concession period.
| | | |
| | | Decommissioning provision |
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Deferred revenues
Deferred revenues of \u20ac314,000 (2021: \u20ac355,000) relate to various pre-
paid long-term vouchers for supply of electricity to customers, the
Fastned Founders Club, and subsidies received in advance of
construction of charging stations.
The Fastned Founders Club is a special group of investors that have all
invested a minimum of \u20ac25,000 (in primary issuance of certificates) in
the issuance on NPEX in 2014\u20132015, or, invested a minimum of
\u20ac50,000 (in primary issuance of certificates) in the issuance on
Nxchange in 2016. On 31 December 2022, there were 39 members in
this Club. The members of the Fastned Founders Club have the rights
to charge for free at Fastned for the rest of their lives, as long as they
they hold these Fastned certificates. In 2022, Fastned Founders have
charged 49,400 kWh (2021: 36,043 kWh) for free.
| | |
| | |
| | |
| | |
| | |
Subscriptions and subsidies deferred | | |
Released to the statement of profit or loss | | |
| | |
| | |
| | |
| | |
Share-based payments
Movements during the year
The following table shows the number and weighted average exercise
price (WAEP) of, and movements in, employee options on certificates
of shares during the year:
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| | |
| | | |
| | | |
| | | | |
| | | | |
Forfeited during the year | | | | |
Exercised during the year | | | | |
| | | | |
Outstanding at 31 December | | | | |
Exercisable at 31 December | | | | |
Included in the table above are options granted to Victor van Dijk,
director of Fastned BV, who held 9,562 options as at 31 December
2022 (2021: 9,562).
Of the options outstanding at 31 December 2022 456,238 are
exercisable at prices per DR between \u20ac10 and \u20ac13.95, and 1,594
options at \u20ac49.76.
Option plans
Prior to establishment of the present Option Plan on 17 May 2018
(\u201c2018 Option Plan\u201d), Fastned B.V. had an employee option plan in
place under which the Company granted a total of 365,411 options to
eligible employees (2015: 89,175, 2017: 113,345 and 2018: 162,891).As at
31 December 2022 223,918 of these options remained unexercised.
These equity-settled options granted under the previous Option Plan
are subject to a three-year vesting period. Vested options under the
plan can be exercised during a period within five years following the
vesting date.
Under the 2018 Option Plan, ten milestones are defined, being a
combination of an operational goal and the market capitalisation of
the Company. Each time a milestone is met, the Company will allocate
options for newly to be issued Depositary Receipts (\u201cDRs\u201d) to its
employees for a total of 1% of the then outstanding number of DRs.
The allocation of these options depends on the role and
responsibilities of the employee in the organisation. The criteria for
the granting of options will be determined by the Supervisory Board if
it concerns a Managing Director and by the Management Board if it
concerns other participants under the Option Plan. The options are
granted by way of an option agreement. In order to ensure that every
employee will participate in the potential value increase of the
Company for the part he or she has been contributing to, the exercise
price per option was equal to the average price of a DR on the relevant
stock exchange during the 90 days before the start of the employment
of the respective employee. The determination of the exercise price
has been adjusted during 2022. Employees that are eligible for the first
time (i.e. not participated in milestone 4), will have the lower of either
1) the exercise price based on the 90 days average before the start of
the employment or 2) the exercise price based on a straight line
method from the exercise price of the last person who was eligible for
options at the previous milestone to the 90 day average of the stock
price at the moment of the next milestone. The exercise price can
never be less than \u20ac10 per option. The options under the Option Plan
can be exercised within five years after the grant date.
| | | |
| Market capitalisation (\u20ac) | | |
| | > 100 stations operational | |
| | > 1 million euro in revenues in one calender year | |
| | > 250 stations operational | |
| | > 150 kW charging at >50% of our stations | |
| | > Company profitable for 12 months in a row | |
| | > 500 stations operational | |
| | > 100 million euro in revenues in one calender year | |
| | > 30% EBITDA margin for 12 months in a row | |
| | > 300 kW charging at >50% of our stations | |
| | > 1000 stations operational | |
Valuation of options
IFRS2 requires an entity to consider factors that knowledgeable,
willing market participants would consider in selecting the option
pricing model to apply. For example, many employee options have
long lives, are usually exercisable during the period between vesting
date and the end of the options\u2019 life, and are often exercised early.
These factors should be considered when estimating the grant date
fair value of the options. For many entities, this might preclude the use
of the Black-Scholes-Merton formula, which does not allow for the
possibility of exercise before the end of the option\u2019s life and may not
adequately reflect the effects of expected early exercise. It also does
not allow for the possibility that expected volatility and other model
inputs might vary over the option\u2019s life. Based on expert advice from
external consultants, management has valued issued options using the
Hull-White option valuation model which allows for the fact that
employees tend to exercise options during the exercise period \u2013 i.e.
after vesting, but prior to the expiration date for such options.
The cost of the options included in the income statement are as
follows
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| | |
| | |
Options granted in years 2015-18 | | |
| | |
Total expense included in administrative expenses | | |
Commitments and contingencies
Lease commitments \u2014 Group as lessee
The Group has entered into contractual lease arrangements relating to
chargers with Fastned Terra 1 B.V.. These leases have a remaining term
of 2 years and 1 month, ending on 31 January 2026. At the end of the
contract, Fastned will support Fastned Terra 1 B.V. with the removal of
the chargers, the potential sale of the chargers and the delivery of the
chargers to a warehouse. The cooperation with Fastned Terra 1 B.V. is
non-exclusive for all parties.
On a monthly basis, Fastned pays a revenue share based on the
amount of kWh sold through the Fastned Terra 1 B.V. chargers under
these contracts. The future lease commitment is therefore depending
on the amount of kWh Fastned sells. In case Fastned does not sell any
kWh at these chargers, the payment will be zero. Fastned delivered
1,307,642 kWh via the chargers of Fastned Terra 1 B.V. in 2022 (2021:
1,027,164)).
For information regarding short term and low-value lease
commitments see Note 13.
Commitments
At 31 December 2022, the Group had initiated the construction of
several fast charging stations, these will be realised in the first half of
2023. Fastned usually partly prepays orders placed with suppliers and
the larger part of these prepayments are already capitalised in the
balance sheet. The outstanding commitment at 31 December 2022
amounted to approximately \u20ac21.56 million (2021: \u20ac21.2 million).
Related party disclosures
| | | |
| | | Amounts owed by related parties |
| | | Amounts owed by related parties |
| | | |
| | | |
| | | |
Terms and conditions of transactions with related parties
Fastned B.V. pays a variable lease to Fastned Terra 1 B.V. based on the
kWh sold from the chargers owned by both companies.
For terms and conditions of the payables and outstanding loans with
Fastned Terra 1 B.V. and Fastned Terra 2 B.V. please refer 14.2.
Compensation of key management personnel of the Group
Key management personnel are those persons having authority and
responsibility for planning, directing and controlling the activities of
the group as a whole. The Group considers all members of the
Management Board, FAST Board and the Supervisory Board to be key
management personnel as defined in IAS 24 \u201cRelated parties.\u201d
The total remuneration package for key management personnel may
consist of the following components:
a)Fixed part - Base salary and holiday allowance;
b)Long-term incentive - share options;
c)Pension benefits;
d)Other benefits.
Other benefits include lease cars.
Remuneration of the Management Board
| | | | | |
| Short term employee benefits | | | |
|
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| Short term employee benefits | | | |
|
| | | | | |
| | | | | |
| | | | | |
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| | | | | |
*Niels Korthals Altes resigned on 9 March 2022.
Remuneration of the FAST Board
The remuneration and contractual terms of employment of FAST
Board members are determined by the general meeting of depository
receipt holders. Apart from their remuneration, FAST Board members
shall be reimbursed for all reasonable costs incurred with the consent
of the chairperson of the FAST Board, or, with respect to the
Chairperson, incurred with the consent of the Chairman of the
Supervisory Board.
Remuneration of Supervisory Board
The General Meeting determines the remuneration of the Supervisory
Directors. The Supervisory Directors are entitled to a fixed annual fee
as determined by the General Meeting taking into account the time to
be spent by such Supervisory Directors. No additional fees are due for
their membership of the Audit Committee. The total compensation for
each Supervisory Director for the financial year ending on 31
December 2022 was as follows:
| | | | | | |
| | |
| Short term employee benefits | | Short term employee benefits | |
| | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
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| | | | | | |
In 2022, Jerome Janssen was appointed member of the Supervisory
Board. He doesn't receive a remuneration. He is compensated for
travel expenses with a maximum of \u20ac 7.5 thousand.
In 2022, the total remuneration for all management board amounts to
316 thousand (2021: 1,429 thousand) , FAST Board amounts to 40
thousand (2021: 32 thousand) and supervisory board member amounts
to 113 thousand (2021: 96 thousand).
The amounts disclosed in the table are the amounts recognised as an
expense during the reporting period related to key management
personnel.
Some family members of key management personnel are members of
the Founders Cub. In 2022, a total of 461 kWh (2021: 166 kWh) were
charged for free by these family members. See note 21
Key events post reporting date
Staff options milestone 3
In February 2023, staff options for the third milestone of the 2018
Option plan were granted. In total 191,529 options with a weighted
average exercise price of \u20ac 19.58 were issued to employees. The
estimated fair value of these options is \u20ac 3.3 million of which \u20ac 3.2
million will be reported as a non-cash cost in Fastned's 2023 financial
statements. The remaining \u20ac 0.1 million is subject to a 3 year vesting
period and will be reported as a non-cash cost in the following 3 years.
Remuneration of auditors
This note includes all fees agreed to be paid to the Group\u2019s auditors
whether in relation to their audit of the Group or otherwise.
Group auditor for 2021 and for 2022 is Deloitte Accountants B.V.
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| | |
Fees payable to the Group\u2019s auditor for the audit of the consolidated parent company accounts and subsidiaries accounts of Fastned B.V. | | |
Non-audit and other assurance services | | |
Standards and interpretations issued but not
yet effective
At the date of authorisation of these financial statements, the Group
has not applied the following new and revised IFRS Standards that
have been issued but are not yet effective, and, in some cases, had not
yet been adopted by the EU:
| |
IFRS 17 (including the 2022 amendments to IFRS 17) | |
IFRS 10 and IAS 28 (amendments) | Sale or Contribution of Assets between an Investor and its Associate or Joint Venture |
| Classification of Liabilities as Current or Non-current |
| Reference to the Conceptual Framework |
| Property, Plant and Equipment - Proceeds before intended Use |
| Onerous Contracts \u2013 Cost of Fulfilling a Contract |
Annual Improvements to IFRS Standards 2018-2020 Cycle | Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 9 Financial Instruments, IFRS 16 Leases, and IAS 41 Agriculture |
Amendments to IAS 1 and IFRS Practice Statement 2 | Disclosure of Accounting Policies |
| Definition of Accounting Estimates |
| Deferred Tax related to Assets and Liabilities arising from a Single Transaction |
The management does not expect that the adoption of the Standards
listed above will have a material impact on the financial statements of
the Group in future periods.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-216": {
"value": "The principal activity of Fastned B.V. and subsidiaries (the Group) consist of the exploitation of fast charging facilities for fully electric cars.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-217": {
"value": "Fastned B.V.",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-218": {
"value": "Fastned B.V.",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-219": {
"value": "limited company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-220": {
"value": "Netherlands",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-221": {
"value": "Netherlands",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-222": {
"value": "Netherlands",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-223": {
"value": "James Wattstraat 77R in Amsterdam",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-224": {
"value": "FAST Foundation",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-225": {
"value": "
Statement of compliance with IFRS, financial position and going
concern assumption
These financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS) as adopted by the
European Union (EU). They have been prepared under the assumption
that the Group operates on a going concern basis.
As foreseen in the business plan and long-term forecasts, the Group
incurs losses during the first years of its operations. The deficits are
for a major part funded by borrowings as well as by issuance of
certificates of shares via FAST (Fastned Administratie Stichting). At
balance sheet date this resulted in an equity amounting to \u20ac160.6
million (2021: \u20ac109.1 million) and a cash level of \u20ac149.5 million (2021:
\u20ac128.6 million).
Management monitors cash and liquidity forecasts on a continuous
basis, whereby a minimum desired cash level is to be maintained
throughout the forecast period. The liquidity forecast incorporates
current cash levels, revenue projections and a detailed capex and opex
budgets. Revenue projections are driven by the projected numbers of
BEVs on the road based on analyst forecasts and conservative
projections of Fastned\u2019s market penetration (monthly unique
customers relative to the projected BEVs on the road) and kWh
charged per monthly customer. In the first part of the forecast period,
Fastned has the ability to reduce capital expenditure if necessary.
These forecasts also reflect potential scenarios and management
plans13. Fastned had \u20ac149.5 million in cash and cash equivalents per
year end 2022.
Based on available information at the date of this report, the liquidity
forecasts for the upcoming 12 - 18 months show adequate funds
available for Fastned to continue as a going concern. As a result,
management is satisfied that a presentation of financial statements on
a going concern basis is appropriate.
",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-226": {
"value": "
Statement of compliance with IFRS, financial position and going
concern assumption
These financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS) as adopted by the
European Union (EU). They have been prepared under the assumption
that the Group operates on a going concern basis.
As foreseen in the business plan and long-term forecasts, the Group
incurs losses during the first years of its operations. The deficits are
for a major part funded by borrowings as well as by issuance of
certificates of shares via FAST (Fastned Administratie Stichting). At
balance sheet date this resulted in an equity amounting to \u20ac160.6
million (2021: \u20ac109.1 million) and a cash level of \u20ac149.5 million (2021:
\u20ac128.6 million).
Management monitors cash and liquidity forecasts on a continuous
basis, whereby a minimum desired cash level is to be maintained
throughout the forecast period. The liquidity forecast incorporates
current cash levels, revenue projections and a detailed capex and opex
budgets. Revenue projections are driven by the projected numbers of
BEVs on the road based on analyst forecasts and conservative
projections of Fastned\u2019s market penetration (monthly unique
customers relative to the projected BEVs on the road) and kWh
charged per monthly customer. In the first part of the forecast period,
Fastned has the ability to reduce capital expenditure if necessary.
These forecasts also reflect potential scenarios and management
plans13. Fastned had \u20ac149.5 million in cash and cash equivalents per
year end 2022.
Based on available information at the date of this report, the liquidity
forecasts for the upcoming 12 - 18 months show adequate funds
available for Fastned to continue as a going concern. As a result,
management is satisfied that a presentation of financial statements on
a going concern basis is appropriate.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-227": {
"value": "Significant accounting policies
2.1Basis of accounting
These financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS) as adopted by the
European Union (EU) and also comply with the financial reporting
requirements included in Part 9 of Book 2 of the Dutch Civil Code.
The financial statements have been prepared on the historical cost
basis, except for for the following:
\u2022certain financial assets and liabilities \u2013 measured at fair value.
\u2022assets held for sale \u2013 measured at fair value less costs to sell.
Historical cost is generally based on the fair value of the consideration
[at the time of the exchange] given in exchange for goods and
services.
The financial statements are presented in Euro\u2019s and all values are
rounded to the nearest thousand euro (\u20ac\u2019000), except where
otherwise indicated.
Fair value is the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market
participants at the measurement date, regardless of whether that
price is directly observable or estimated using another valuation
technique. In estimating the fair value of an asset or a liability, the
13 The same scenarios were used for impairment testing and are described in note 12. Group takes into account the characteristics of the asset or liability if
market participants would take those characteristics into account
when pricing the asset or liability at the measurement date. Fair value
for measurement and/or disclosure purposes in these consolidated
financial statements is determined on such a basis, except for share-
based payment transactions that are within the scope of IFRS 2,
leasing transactions that are within the scope of IFRS 16, and
measurements that have some similarities to fair value but are not fair
value, such as net realisable value in IAS 2 or value in use in IAS 36.
2.2Principal accounting policies
The principal accounting policies adopted are set out below.
a)Basis of consolidation
The consolidated financial statements incorporate the financial
statements of the Company and entities, including structured entities,
controlled by the Company (its subsidiaries) made up to 31 December
each year.
Control is achieved when the Company:
\u2022has the power over the investee;
\u2022is exposed, or has rights, to variable returns from its
involvement with the investee; and
\u2022has the ability to use its power to affect its returns.
The Company reassesses whether or not it controls an investee if facts
and circumstances indicate that there are changes to one or more of
the three elements of control listed above.
When the Company has less than a majority of the voting rights of an
investee, it considers that it has power over the investee when the
voting rights are sufficient to give it the practical ability to direct the
relevant activities of the investee unilaterally. The Company considers
all relevant facts and circumstances in assessing whether or not the
Company\u2019s voting rights in an investee are sufficient to give it power,
including:
\u2022the size of the Company\u2019s holding of voting rights relative to
the size and dispersion of holdings of the other vote holders;
\u2022potential voting rights held by the Company, other vote
holders or other parties;
\u2022rights arising from other contractual arrangements; and
\u2022any additional facts and circumstances that indicate that the
Company has, or does not have, the current ability to direct
the relevant activities at the time that decisions need to be
made, including voting patterns at previous shareholders\u2019
meetings.
Consolidation of a subsidiary begins when the Company obtains
control over the subsidiary and ceases when the Company loses
control of the subsidiary. Specifically, the results of subsidiaries
acquired or disposed of during the year are included in profit or loss
from the date the Company gains control until the date when the
Company ceases to control the subsidiary.
Where necessary, adjustments are made to the financial statements of
subsidiaries to bring the accounting policies used into line with the
Group\u2019s accounting policies.
All intra group assets and liabilities, equity, income, expenses and cash
flows relating to transactions between the members of the Group are
eliminated on consolidation.
Non-controlling interests in subsidiaries are identified separately from
the Group\u2019s equity therein. Those interests of non-controlling
shareholders that are present ownership interests entitling their
holders to a proportionate share of net assets upon liquidation may
initially be measured at fair value or at the non-controlling interests\u2019
proportionate share of the fair value of the acquiree\u2019s identifiable net
assets. The choice of measurement is made on an acquisition-by-
acquisition basis. Other non-controlling interests are initially
measured at fair value. Subsequent to acquisition, the carrying amount
of non-controlling interests is the amount of those interests at initial
recognition plus the non-controlling interests\u2019 share of subsequent
changes in equity.
Profit or loss and each component of other comprehensive income are
attributed to the owners of the Company and to the non-controlling
interests. Total comprehensive income of the subsidiaries is
attributed to the owners of the Company and to the non-controlling
interests even if this results in the non-controlling interests having a
deficit balance.
Changes in the Group\u2019s interests in subsidiaries that do not result in a
loss of control are accounted for as equity transactions. The carrying
amount of the Group\u2019s interests and the non-controlling interests are
adjusted to reflect the changes in their relative interests in the
subsidiaries. Any difference between the amount by which the non-
controlling interests are adjusted and the fair value of the
consideration paid or received is recognised directly in equity and
attributed to the owners of the Company.
When the Group loses control of a subsidiary, the gain or loss on
disposal recognised in profit or loss is calculated as the difference
between (i) the aggregate of the fair value of the consideration
received and the fair value of any retained interest and (ii) the previous
carrying amount of the assets (including goodwill), less liabilities of
the subsidiary and any non-controlling interests. All amounts
previously recognised in other comprehensive income in relation to
that subsidiary are accounted for as if the Group had directly disposed
of the related assets or liabilities of the subsidiary (i.e. reclassified to
profit or loss or transferred to another category of equity as required/
permitted by applicable IFRS Standards). The fair value of any
investment retained in the former subsidiary at the date when control
is lost is regarded as the fair value on initial recognition for
subsequent accounting under IFRS 9 when applicable, or the cost on
initial recognition of an investment in an associate or a joint venture.
b)Investments in associates and joint ventures
An associate is an entity over which the Group has significant
influence and that is neither a subsidiary nor an interest in a joint
venture. Significant influence is the power to participate in the
financial and operating policy decisions of the investee but is not
control or joint control over those policies.
A joint venture is a joint arrangement whereby the parties that have
joint control of the arrangement have rights to the net assets of the
joint arrangement. Joint control is the contractually agreed sharing of
control of an arrangement, which exists only when decisions about the
relevant activities require unanimous consent of the parties sharing
control.
The results and assets and liabilities of associates or joint ventures are
incorporated in these financial statements using the equity method of
accounting, except when the investment is classified as held for sale,
in which case it is accounted for in accordance with IFRS 5.
Under the equity method, an investment in an associate or a joint
venture is recognised initially in the consolidated statement of
financial position at cost and adjusted thereafter to recognise the
Group\u2019s share of the profit or loss and other comprehensive income of
the associate or joint venture. When the Group\u2019s share of losses of an
associate or a joint venture exceeds the Group\u2019s interest in that
associate or joint venture (which includes any long-term interests
that, in substance, form part of the Group\u2019s net investment in the
associate or joint venture), the Group discontinues recognising its
share of further losses. Additional losses are recognised only to the
extent that the Group has incurred legal or constructive obligations or
made payments on behalf of the associate or joint venture.
An investment in an associate or a joint venture is accounted for using
the equity method from the date on which the investee becomes an
associate or a joint venture. On acquisition of the investment in an
associate or a joint venture, any excess of the cost of the investment
over the Group\u2019s share of the net fair value of the identifiable assets
and liabilities of the investee is recognised as goodwill, which is
included within the carrying amount of the investment. Any excess of
the Group\u2019s share of the net fair value of the identifiable assets and
liabilities over the cost of the investment, after reassessment, is
recognised immediately in profit or loss in the period in which the
investment is acquired.
The requirements of IAS 36 are applied to determine whether it is
necessary to recognise any impairment loss with respect to the
Group\u2019s investment in an associate or a joint venture. When necessary,
the entire carrying amount of the investment (including goodwill) is
tested for impairment in accordance with IAS 36 as a single asset by
comparing its recoverable amount (higher of value in use and fair value
less costs of disposal) with its carrying amount. Any impairment loss
recognised is not allocated to any asset, including goodwill that forms
part of the carrying amount of the investment. Any reversal of that
impairment loss is recognised in accordance with IAS 36 to the extent
that the recoverable amount of the investment subsequently
increases.
The Group discontinues the use of the equity method from the date
when the investment ceases to be an associate or a joint venture.
When the Group retains an interest in the former associate or a joint
venture and the retained interest is a financial asset, the Group
measures the retained interest at fair value at that date and the fair
value is regarded as its fair value on initial recognition in accordance
with IFRS 9. The difference between the carrying amount of the
associate or a joint venture at the date the equity method was
discontinued, and the fair value of any retained interest and any
proceeds from disposing of a part interest in the associate or a joint
venture is included in the determination of the gain or loss on disposal
of the associate or joint venture. In addition, the Group accounts for all
amounts previously recognised in other comprehensive income in
relation to that associate on the same basis as would be required if
that associate had directly disposed of the related assets or liabilities.
Therefore, if a gain or loss previously recognised in other
comprehensive income by that associate or joint venture would be
reclassified to profit or loss on the disposal of the related assets or
liabilities, the Group reclassifies the gain or loss from equity to profit
or loss (as a reclassification adjustment) when the associate or joint
venture is disposed of.
When the Group reduces its ownership interest in an associate or a
joint venture but the Group continues to use the equity method, the
Group reclassifies to profit or loss the proportion of the gain or loss
that had previously been recognised in other comprehensive income
relating to that reduction in ownership interest if that gain or loss
would be reclassified to profit or loss on the disposal of the related
assets or liabilities.
When a Group entity transacts with an associate or a joint venture of
the Group, profits and losses resulting from the transactions with the
associate or joint venture are recognised in the Group\u2019s consolidated
financial statements only to the extent of interests in the associate or
joint venture that are not related to the Group.
The Group applies IFRS 9, including the impairment requirements, to
long-term interests in an associate or joint venture to which the equity
method is not applied and which form part of the net investment in the
investee. Furthermore, in applying IFRS 9 to long-term interests, the
Group does not take into account adjustments to their carrying
amount required by IAS 28 (i.e. adjustments to the carrying amount of
long-term interests arising from the allocation of losses of the
investee or assessment of impairment in accordance with IAS 28).
c)Cash flow
The Company has chosen to prepare the statement of cash flows using
the indirect method, which presents cash flows from operating
activities as the income from continuing operations adjusted for non-
cash transactions, deferrals or accruals of past or future operating
cash receipts or payments, and items of income or expense
associated with investing or financing cash flows. Cash flows in
foreign currencies have been translated using weighted average
periodic exchange rates. Interest paid and interest received are
classified as operating cash flows. Lease payments for short-term
leases, lease payments for leases of low-value assets and variable lease
payments not included in the measurement of the lease liability are
classified as cash flows from operating activities.
d)Revenue recognition
The Group recognises revenue from the following major sources:
\u2022Sales of electricity after the deduction of discounts and sales
taxes
\u2022Other revenues relating to charging such as service revenues
from maintaining and operating the stations for city or
provincial area authorities, and revenue from sales of
renewable energy units (hernieuwbare brandstofeenheden).
\u2022Revenue from construction service arrangements where
Fastned constructs, transfers and operates charging stations
for public sector bodies.
Sales of electricity
Fastned supplies electricity to owners of electric vehicles who use
either the Fastned app, a charge card, or credit/debit bank card.
Revenue is recognised when control of the electricity has transferred,
being at the point the customer charges at a Fastned station. Payment
of the transaction price is due according to the terms applying to the
payment method (Fastned app, charge card, bank card) used by the
customer purchasing the electricity. Price is allocated to each
individual charging transaction. Revenue from sale of electricity is
recognized at the point in time the customer has charged at a Fastned
station.
Fastned offers customers the choice of paying a standard price per
kWh, or subscribing to a Fastned price plan with a monthly fee and
reduced price per kWh. Monthly fee revenue is recognized in the
relevant calendar month.
Maintenance fees
Fastned operates and maintains chargers from Fastned Terra 1 B.V. and
three stations from the Municipality of The Hague in the first half of
2022. Performance obligations are satisfied by operating and
maintaining the stations and chargers. Fees are charged as set out in
the service contract. Prices are adjusted annually for inflation
indexation. Price is allocated over the period related to the
maintenance service contract. Maintenance fee revenue is recognised
over the time related to the associated performance obligation.
Sales of Renewable energy units
Fastned's policy is to sell renewable energy units in the same period as
the underlying kWh are sold to charging customers. Revenue is
recognised when when there is a sale agreement between Fastned and
buyer. Fastned satisfies its performance obligation by transferring the
promised goods (HBEs) to the purchaser. The price at which a HBE is
sold is dependent on the supply and demand of HBE credits to the
market.
Revenue from station construction as part of service concessions
Under certain contractual arrangements, Fastned constructs or
upgrades charging station infrastructure (construction or upgrade
services) used to provide a public service and operates and maintains
that charging station infrastructure (operation services) for a specified
period of time. Fastned satisfies its performance obligation by
transferring the ownership of charging stations to the customer.
Fastned charges the construction of charging stations according to
the terms in the contract. Fastned will recognize a contract asset for
any work performed. Any amount previously recognized as contract
asset is reclassified to trade receivables at the point at which it is
invoiced to the customer. If the payment exceeds the revenue
recognized to date under cost-to-cost method then the Group
recognizes a contract liability for the difference. Price is allocated
based on the percentage of completion of the construction contract.
Revenue from construction of charging stations is recognised over
time on a cost-to-cost method, i.e. based on the proportion of
contract costs incurred for work performed to date relative to the
estimated total contract costs. The directors consider that this input
method is an appropriate measure of the progress towards complete
satisfaction of these performance obligations under IFRS 15.
e)Leases (Group as lessee)
\u00a0 The Group assesses whether a contract is or contains a lease, at inception
of the contract. The Group recognises a right-of-use asset and a
corresponding lease liability with respect to all lease arrangements in
which it is the lessee, except for short-term leases (defined as leases
with a lease term of 12 months or less) and leases of low value assets
(such as office equipment). For these leases, the Group recognises the
lease payments as an operating expense on a straight-line basis over
the term of the lease unless another systematic basis is more
representative of the time pattern in which economic benefits from
the leased assets are consumed.
The lease liability is initially measured at the present value of the lease
payments that are not paid at the commencement date, discounted by
using the rate implicit in the lease. If this rate cannot be readily
determined, the Group uses its incremental borrowing rate.
Lease payments included in the measurement of the lease liability
comprise:
\u2022Fixed lease payments (including in-substance fixed
payments), less any lease incentives receivable;
\u2022Variable lease payments that depend on an index or rate,
initially measured using the index or rate at the
commencement date;
\u2022The amount expected to be payable by the lessee under
residual value guarantees;
\u2022The exercise price of purchase options, if the lessee is
reasonably certain to exercise the options; and
\u2022Payments of penalties for terminating the lease, if the lease
term reflects the exercise of an option to terminate the lease.
The lease liability is presented as a separate line in the consolidated
statement of financial position.
The lease liability is subsequently measured by increasing the carrying
amount to reflect interest on the lease liability (using the effective
interest method) and by reducing the carrying amount to reflect the
lease payments made.
The Group remeasures the lease liability (and makes a corresponding
adjustment to the related right-of-use asset) whenever:
\u2022The lease term has changed or there is a significant event or
change in circumstances resulting in a change in the
assessment of exercise of a purchase option, in which case the
lease liability is remeasured by discounting the revised lease
payments using a revised discount rate.
\u2022The lease payments change due to changes in an index or rate
or a change in expected payment under a guaranteed residual
value, in which cases the lease liability is remeasured by
discounting the revised lease payments using an unchanged
discount rate (unless the lease payments change is due to a
change in a floating interest rate, in which case a revised
discount rate is used).
\u2022A lease contract is modified and the lease modification is not
accounted for as a separate lease, in which case the lease
liability is remeasured based on the lease term of the modified
lease by discounting the revised lease payments using a
revised discount rate at the effective date of the modification.
The right-of-use assets comprise the initial measurement of the
corresponding lease liability, lease payments made at or before the
commencement day, less any lease incentives received and any initial
direct costs. They are subsequently measured at cost less
accumulated depreciation and impairment losses.
Whenever the Group incurs an obligation for costs to dismantle and
remove a leased asset, restore the site on which it is located or restore
the underlying asset to the condition required by the terms and
conditions of the lease, a provision is recognised and measured under
IAS 37. To the extent that the costs relate to a right-of-use asset, the
costs are included in the related right-of-use asset.
Right-of-use assets are depreciated over the shorter period of lease
term and useful life of the underlying asset. If a lease transfers
ownership of the underlying asset or the cost of the right-of-use asset
reflects that the Group expects to exercise a purchase option, the
related right-of-use asset is depreciated over the useful life of the
underlying asset. The depreciation starts at the commencement date
of the lease.
The right-of-use assets are presented as a separate line in the
consolidated statement of financial position.
The Group applies IAS 36 to determine whether a right-of-use asset is
impaired and accounts for any identified impairment loss as described
in the \u2018Property, Plant and Equipment\u2019 policy.
Variable rents that do not depend on an index or rate are not included
in the measurement of the lease liability and the right-of-use asset.
The related payments are recognised as an expense in the period in
which the event or condition that triggers those payments occurs and
are included in the line \u201cSelling and Distribution expenses\u201d in profit or
loss.
As a practical expedient, IFRS 16 permits a lessee not to separate non-
lease components, and instead account for any lease and associated
non-lease components as a single arrangement. Fastned has elected
to adopt this expedient for leases of transformers (where the lessor is
responsible for maintenance and repair services) and office leases
(including service costs).
f)Lease (Group as Lessor)
The Group enters into lease agreements as a lessor with respect to
parts of its charging stations for commercial spaces to retailers.
Leases for which the Group is a lessor are classified as finance or
operating leases. Whenever the terms of the lease transfer
substantially all the risks and rewards of ownership to the lease, the
contract is classified as a finance lease. All other are classified as
operating leases.
When the Group is an intermediate lessor, it accounts for the head
lease and the sub-lease as two separate contracts. The sub-lease is
classified as a finance or operating lease by reference to the right-of-
use asset arising from the head lease.
Rental income from operating leases is recognised on a straight-line
basis over the term of the relevant lease. Initial direct costs incurred in
negotiating and arranging an operating lease are added to the
carrying amount of the leased asset and recognised on a straight-line
basis over the lease term.
Amounts due from lessees under finance leases are recognised as
receivables at the amount of the Group\u2019s net investment in the leases.
Finance lease income is allocated to accounting periods so as to
reflect a constant periodic rate of return on the Group\u2019s net
investment outstanding in respect of the leases.
Subsequent to initial recognition, the Group regularly reviews the
estimated unguaranteed residual value and applies the impairment
requirements of IFRS 9, recognising an allowance for expected credit
losses on the lease receivables.
Finance lease income is calculated with reference to the gross carrying
amount of the lease receivables, except for credit-impaired financial
assets for which interest income is calculated with reference to their
amortised cost (i.e. after a deduction of the loss of allowance.
When a contract includes both lease and non-lease components, the
Group applies IFRS 15 to allocate the consideration under the contract
to each component.
g)Foreign currencies
Items included in the financial statements of each of the group\u2019s
entities are measured using the currency of the primary economic
environment in which the entity operates (\u2018the functional currency\u2019).
The consolidated financial statements are presented in Euro's, which
is Fastned B.V.'s functional and presentation currency.
In preparing the financial statements of the Group entities,
transactions in currencies other than the entity\u2019s functional currency
(foreign currencies) are recognised at the rates of exchange prevailing
on the dates of the transactions. At each reporting date, monetary
assets and liabilities that are denominated in foreign currencies are
retranslated at the rates prevailing at that date. Exchange differences
from monetary items as part of reporting entity's net investment in
foreign operation and denominated in the functional currency, are
recognised in other comprehensive income in the consolidated
financial statements. Non-monetary items carried at fair value that are
denominated in foreign currencies are translated at the rates
prevailing at the date when the fair value was determined. Non-
monetary items that are measured in terms of historical cost in a
foreign currency are not retranslated. Exchange differences are
recognised in profit or loss in the period in which they arise.
For the purpose of presenting consolidated financial statements, the
assets and liabilities of the Group\u2019s foreign operations are translated
at exchange rates prevailing on the reporting date. Income and
expense items are translated at the average exchange rates for the
period, unless exchange rates fluctuate significantly during that
period, in which case the exchange rates at the date of transactions
are used. Exchange differences arising, if any, are recognised in other
comprehensive income and accumulated in a foreign exchange
translation reserve (attributed to non-controlling interests as
appropriate).
On the disposal of a foreign operation (i.e. a disposal of the Group\u2019s
entire interest in a foreign operation, or a disposal involving loss of
control over a subsidiary that includes a foreign operation or a partial
disposal of an interest in a joint arrangement or an associate that
includes a foreign operation of which the retained interest becomes a
financial asset), all of the exchange differences accumulated in a
foreign exchange translation reserve in respect of that operation
attributable to the owners of the company are reclassified to profit or
loss.
In addition, in relation to a partial disposal of a subsidiary that includes
a foreign operation that does not result in the Group losing control
over the subsidiary, the proportionate share of accumulated exchange
differences are re-attributed to non-controlling interests and are not
recognised in profit or loss. For all other partial disposals (i.e. partial
disposals of associates or joint arrangements that do not result in the
Group losing significant influence or joint control), the proportionate
share of the accumulated exchange differences is reclassified to profit
or loss.
Goodwill and fair value adjustments arising on the acquisition of a
foreign entity are treated as assets and liabilities of the foreign entity
and translated at the closing rate. Exchange differences arising are
recognised in other comprehensive income.
h)Borrowing costs
Borrowing costs directly attributable to the acquisition, construction
or production of qualifying assets, which are assets that necessarily
take a substantial period of time to get ready for their intended use or
sale, are added to the cost of those assets, until such time as the
assets are substantially ready for their intended use or sale.
All other borrowing costs are recognised in profit or loss in the period
in which they are incurred.
i)Government grants
Government grants are not recognised until there is reasonable
assurance that the Group will comply with the conditions attaching to
them and that the grants will be received.
Government grants are recognised in profit or loss on a systematic
basis over the periods in which the Group recognises as expenses the
related costs for which the grants are intended to compensate.
Specifically, government grants whose primary condition is that the
Group should purchase, construct or otherwise acquire non-current
assets (including property, plant and equipment) are recognised
within property, plant and equipment in the consolidated statement of
financial position and transferred to profit or loss on a systematic and
rational basis over the useful lives of the related assets.
Government grants that are receivable as compensation for expenses
or losses already incurred or for the purpose of giving immediate
financial support to the Group with no future related costs are
recognised in profit or loss in the period in which they become
receivable.
j)Retirement and termination benefit costs
Payments to defined contribution retirement benefit plans are
recognised as an expense when employees have rendered service
entitling them to the contributions. Payments made to state-managed
retirement benefit plans are accounted for as payments to defined
contribution plans where the Group\u2019s obligations under the plans are
equivalent to those arising in a defined contribution retirement
benefit plan.
k)Short-term and other long-term employee benefits
A liability is recognised for benefits accruing to employees in respect
of wages and salaries, annual leave and sick leave in the period the
related service is rendered at the undiscounted amount of the benefits
expected to be paid in exchange for that service.
Liabilities recognised in respect of short-term employee benefits are
measured at the undiscounted amount of the benefits expected to be
paid in exchange for the related service.
Liabilities recognised in respect of other long-term employee benefits
are measured at the present value of the estimated future cash
outflows expected to be made by the Group in respect of services
provided by employees up to the reporting date.
l)Taxation
The income tax expense represents the sum of the tax currently
payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
Taxable profit differs from net profit as reported in profit or loss
because it excludes items of income or expense that are taxable or
deductible in other years and it further excludes items that are never
taxable or deductible. The Group\u2019s liability for current tax is calculated
using tax rates that have been enacted or substantively enacted by the
end of the reporting period.
A provision is recognised for those matters for which the tax
determination is uncertain but it is considered probable that there will
be a future outflow of funds to a tax authority. The provisions are
measured at the best estimate of the amount expected to become
payable. The assessment is based on the judgement of tax
professionals within the Company supported by previous experience
in respect of such activities and in certain cases based on specialist
independent tax advice.
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on
differences between the carrying amounts of assets and liabilities in
the financial statements and the corresponding tax bases used in the
computation of taxable profit, and is accounted for using the liability
method. Deferred tax liabilities are generally recognised for all taxable
temporary differences and deferred tax assets are recognised to the
extent that it is probable that taxable profits will be available against
which deductible temporary differences can be utilised. Such assets
and liabilities are not recognised if the temporary difference arises
from the initial recognition of goodwill or from the initial recognition
(other than in a business combination) of other assets and liabilities in
a transaction that affects neither the taxable profit nor the accounting
profit. In addition, a deferred tax liability is not recognised if the
temporary difference arises from the initial recognition of goodwill.
Deferred tax liabilities are recognised for taxable temporary
differences arising on investments in subsidiaries and associates, and
interests in joint ventures, except where the Group is able to control
the reversal of the temporary difference and it is probable that the
temporary difference will not reverse in the foreseeable future.
Deferred tax assets arising from deductible temporary differences
associated with such investments and interests are only recognised to
the extent that it is probable that there will be sufficient taxable profits
against which to utilise the benefits of the temporary differences and
they are expected to reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each
reporting date and reduced to the extent that it is no longer probable
that sufficient taxable profits will be available to allow all or part of the
asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in
the period when the liability is settled or the asset is realised based on
tax laws and rates that have been enacted or substantively enacted at
the reporting date.
The measurement of deferred tax liabilities and assets reflects the tax
consequences that would follow from the manner in which the Group
expects, at the end of the reporting period, to recover or settle the
carrying amount of its assets and liabilities.
Deferred tax assets and liabilities are offset when there is a legally
enforceable right to set off current tax assets against current tax
liabilities and when they relate to income taxes levied by the same
taxation authority and the Group intends to settle its current tax
assets and liabilities on a net basis.
Where tax treatments are uncertain, if it is considered probable that a
taxation authority will accept the group's proposed tax treatment,
income taxes are recognized consistent with the group's income tax
filings. If it is not considered probable, the uncertainty is reflected
within the carrying amount of the applicable tax asset or liability using
either the most likely amount or an expected value, depending on
which method better predicts the resolution of the uncertainty.
Current tax and deferred tax for the year
Current and deferred tax are recognised in profit or loss, except when
they relate to items that are recognised in other comprehensive
income or directly in equity, in which case, the current and deferred
tax are also recognised in other comprehensive income or directly in
equity respectively. Where current tax or deferred tax arises from the
initial accounting for a business combination, the tax effect is
included in the accounting for the business combination.
m)Property, plant and equipment
Plant, machinery, fixtures and fittings are stated at cost less
accumulated depreciation and accumulated impairment loss.
Depreciation is recognised so as to write off the cost or valuation of
assets (other than freehold land and properties under construction)
less their residual values over their useful lives, using the straight-line
method, on the following bases:
| |
Charging stations and technical installations | 6.66% per year/ 15 year or 12.5% per year/ 8 years |
| |
| |
The estimated useful lives, residual values and depreciation method
are reviewed at the end of each reporting period, with the effect of any
changes in estimate accounted for on a prospective basis.
Right-of-use assets are depreciated over the shorter period of the
lease term and the useful life of the underlying asset. If a lease
transfers ownership of the underlying asset or the cost of the right-of-
use asset reflects that the Group expects to exercise a purchase
option, the related right-of-use asset is depreciated over the useful
life of the underlying asset.
An item of property, plant and equipment is derecognised upon
disposal or when no future economic benefits are expected to arise
from the continued use of the asset. The gain or loss arising on the
disposal or retirement of an asset is determined as the difference
between the sales proceeds and the carrying amount of the asset and
is recognised in profit or loss.
n)Intangible assets acquired separately
Intangible assets with finite useful lives that are acquired separately
are carried at cost less accumulated amortisation and accumulated
impairment losses. Amortisation is recognised on a straight-line basis
over their estimated useful lives. The estimated useful life and
amortisation method are reviewed at the end of each reporting period,
with the effect of any changes in estimate being accounted for on a
prospective basis. Intangible assets with indefinite useful lives that are
acquired separately are carried at cost less accumulated impairment
losses.
o)Internally-generated intangible assets \u2013 software
development expenditure
Expenditure on software development activities is recognised as an
expense in the period in which it is incurred.
An internally-generated intangible asset arising from development (or
from the development phase of an internal project) is recognised if,
and only if, all of the following conditions have been demonstrated:
\u2022the technical feasibility of completing the intangible asset so
that it will be available for use or sale;
\u2022the intention to complete the intangible asset and use or sell
it;
\u2022the ability to use or sell the intangible asset;
\u2022how the intangible asset will generate probable future
economic benefits;
\u2022the availability of adequate technical, financial and other
resources to complete the development and to use or sell the
intangible asset; and
\u2022the ability to measure reliably the expenditure attributable to
the intangible asset during its development.
The amount initially recognised for internally-generated intangible
assets is the sum of the expenditure incurred from the date when the
intangible asset first meets the recognition criteria listed above.
Where no internally-generated intangible asset can be recognised,
development expenditure is recognised in profit or loss in the period
in which it is incurred.
Subsequent to initial recognition, internally-generated intangible
assets are reported at cost less accumulated amortisation and
accumulated impairment losses, on the same basis as intangible
assets that are acquired separately.
In accordance with the Dutch Civil Code and statutory requirements in
other countries, legal reserves have to be established in certain
circumstances. The Group has a legal reserve for its internally-
generated software. Legal reserves are not available for distribution to
the Group\u2019s shareholders.
p)Derecognition of intangible assets
An intangible asset is derecognised on disposal, or when no future
economic benefits are expected from use or disposal. Gains or losses
arising from derecognition of an intangible asset, measured as the
difference between the net disposal proceeds and the carrying
amount of the asset, are recognised in profit or loss when the asset is
derecognised.
q)Trademarks
Trademarks are measured initially at purchase cost and are
amortised on a straight-line basis over their estimated lives.
r)Impairment of property, plant and equipment and intangible
assets excluding goodwill
At each reporting date, the Group reviews the carrying amounts of its
property, plant and equipment and intangible assets to determine
whether there is any indication that those assets have suffered an
impairment loss. If any such indication exists, the recoverable amount
of the asset is estimated to determine the extent of the impairment
loss (if any). Where the asset does not generate cash flows that are
independent from other assets, the Group estimates the recoverable
amount of the cash-generating unit to which the asset belongs. When
a reasonable and consistent basis of allocation can be identified,
corporate assets are also allocated to individual cash-generating
units, or otherwise they are allocated to the smallest group of cash-
generating units for which a reasonable and consistent allocation
basis can be identified.
Intangible assets with an indefinite useful life are tested for
impairment at least annually and whenever there is an indication at the
end of a reporting period that the asset may be impaired.
Recoverable amount is the higher of fair value less costs of disposal
and value in use. In assessing value in use, the estimated future cash
flows are discounted to their present value using a pre-tax discount
rate that reflects current market assessments of the time value of
money and the risks specific to the asset for which the estimates of
future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is
estimated to be less than its carrying amount, the carrying amount of
the asset (or cash-generating unit) is reduced to its recoverable
amount. An impairment loss is recognised immediately in profit or
loss, unless the relevant asset is carried at a revalued amount, in which
case the impairment loss is treated as a revaluation decrease and to
the extent that the impairment loss is greater than the related
revaluation surplus, the excess impairment loss is recognised in profit
or loss.
Where an impairment loss subsequently reverses, the carrying amount
of the asset (or cash-generating unit) is increased to the revised
estimate of its recoverable amount, but so that the increased carrying
amount does not exceed the carrying amount that would have been
determined had no impairment loss been recognised for the asset (or
cash-generating unit) in prior years. A reversal of an impairment loss is
recognised immediately in profit or loss to the extent that it eliminates
the impairment loss which has been recognised for the asset in prior
years. Any increase in excess of this amount is treated as a revaluation
increase.
s)Financial instruments
Financial assets - Classification and measurement
The Group classifies its financial assets in the following measurement
categories:
\u2022those to be measured subsequently at fair value (either
through OCI or through profit or loss)
\u2022those to be measured at amortised cost.
The classification depends on the entity\u2019s business model for
managing the financial assets and the contractual terms of the cash
flows.
Financial assets - Recognition and derecognition
Regular purchases and sales of financial assets are recognised on the
trade-date, the date on which the Group commits to purchase or sell
the asset. Financial assets are derecognised when the rights to receive
cash flows from the financial assets have expired or have been
transferred and the Group has transferred substantially all the risks
and rewards of ownership.
Financial assets - Measurements
At initial recognition the Group measures a financial asset at its fair
value plus, in the case of a financial asset not at fair value through
profit or loss, transaction costs that are directly attributable to the
acquisition of the financial asset. Transaction costs of financial assets
carried at fair value through profit or loss are expensed in profit or
loss.
Debt instruments
Subsequent measurement of debt instruments depends on the
Group\u2019s business model for managing the asset and the cash flow
characteristics of the asset. There are three measurement categories
into which the Group classifies its debt instruments:
\u2022Amortised cost
\u2022Fair value through profit or loss
\u2022Fair value through other comprehensive income.
The Group only has financial assets at amortised cost and makes no
use of derivative financial instruments.
Amortised cost
Assets that are held for collection of contractual cash flows where
those cash flows represent solely payments of principal and interest
are measured at amortised cost. Interest income from these financial
assets is included in finance income using the effective interest rate
method. Any gain or loss arising on derecognition is recognised
directly in profit or loss and presented in other gains/losses together
with foreign exchange gains and losses.
Financial assets - Impairment
The Group assesses on a forward looking basis the expected credit
losses associated with its debt instruments carried at amortised cost.
The Group has no trade receivables nor amounts due from customers
for contract work including a significant finance component and is
therefore required to apply the simplified approach under IFRS 9, in
which the credit losses are measured using a lifetime expected loss
allowance for all trade receivables and amounts due from customers
for contract work. Information about the Group\u2019s exposure to credit
risk and measurement of impairment losses for trade receivables is
included in Note 15.
Financial liabilities - Recognition and measurement
Financial liabilities are recognised when the Group becomes a party to
the contractual provisions of the financial instrument.
The Group has financial liabilities measured at amortised cost. The
Group may also issue financial guarantees, see below; it makes no use
of other types of derivative financial instruments.
Financial liabilities at amortised cost
Financial liabilities at amortised cost include trade and other payables
and long-term debt. Trade and other payables and long-term debt are
initially recognised at fair value equalling the amount required to be
paid, less, when material, a discount to reduce the payables to fair
value. Subsequently, trade and other payables and long-term debt are
measured at amortised cost using the effective interest method. Trade
and other payables are classified as current liabilities due to their short
term nature, except for maturities greater than 12 months after the end
of the reporting period. These are classified as non-current liabilities.
Financial liabilities - Derecognition
The Group derecognises a financial liability when its contractual
obligations are discharged or cancelled, or expire. On derecognition
of a financial liability, the difference between the carrying amount
extinguished and the consideration paid (including any non-cash
assets transferred or liabilities assumed) is recognised in the income
statement.
The Group also derecognises a financial liability when its terms are
modified and the cash flows of the modified liability are substantially
different, in which case a new financial liability based on the modified
terms is recognised at fair value. However, when the cash flows of the
modified liability are not substantially different, the Group (i)
recalculates the amortised cost of the modified financial liability by
discounting the modified contractual cash flows using the original
effective interest rate and (ii) recognises any adjustment in the income
statement.
Financial guarantees
Financial guarantee contracts are recognised as a financial liability at
the time the guarantee is issued. The liability is initially measured at
fair value and subsequently at the higher of:
\u2022the amount determined in accordance with the expected
credit loss model under IFRS 9 Financial Instruments, and
\u2022the amount initially recognised less, where appropriate, the
cumulative amount of income recognised in accordance with
the principles of IFRS 15 Revenue from Contracts with
Customers.
The fair value of financial guarantees is determined based on the
present value of the difference in cash flows between the contractual
payments required under the debt instrument and the payments that
would be required without the guarantee, or the estimated amount
that would be payable to a third party for assuming the obligations.
Where guarantees in relation to loans or other payables of associates
are provided for no compensation, the fair values are accounted for as
contributions and recognised as part of the cost of the investment.
Offsetting financial instruments
Financial assets and liabilities are offset and the net amount reported
in the balance sheet when there is a legally enforceable right to offset
the recognised amounts and there is an intention to settle on a net
basis or realise the asset and settle the liability simultaneously. The
Group and its counterparties do not have any legally enforceable right
to offset the recognised amounts in the balance sheet.
t)Provisions
Provisions are recognised when the Group has a present obligation
(legal or constructive) as a result of a past event, it is probable that the
Group will be required to settle that obligation and a reliable estimate
can be made of the amount of the obligation. The Group records
provisions for decommissioning costs of charging stations, see note
20 for details.
The amount recognised as a provision is the best estimate of the
consideration required to settle the present obligation at the
reporting date, taking into account the risks and uncertainties
surrounding the obligation. Where a provision is measured using the
cash flows estimated to settle the present obligation, its carrying
amount is the present value of those cash flows (when the effect of the
time value of money is material).
When some or all of the economic benefits required to settle a
provision are expected to be recovered from a third party, a receivable
is recognised as an asset if it is virtually certain that reimbursement
will be received and the amount of the receivable can be measured
reliably.
u)Deferred revenue
The Group operates a Founders club through which early large
investors in Fastned have the right to charge their EV\u2019s at Fastned for
free, i.e.. at a 100% discount on the regular price for the rest of their
lives. This right is a material right, and the promise to provide the 100%
discount to the Founders is therefore a separate future performance
obligation for which deferred income is recognised in the balance
sheet.
Fastned allocates the transaction price to the performance obligation
based on a relative stand-alone selling price basis, including an
estimate of the future performance required by the customer. Revenue
is recognized when electricity is supplied to the customer and the
performance obligation is satisfied.
v)Share-based payments
Share-based payment transactions of the Group
Equity-settled share-based payments to employees and others
providing similar services are measured at the fair value of the equity
instruments at the grant date. The fair value excludes the effect of
non-market-based vesting conditions. Details regarding the
determination of the fair value of equity-settled share-based
transactions are set out in note 22.
The fair value determined at the grant date of the equity-settled share-
based payments is expensed on a straight-line basis over the vesting
period, based on the Group\u2019s estimate of the number of equity
instruments that will eventually vest. At each reporting date, the Group
revises its estimate of the number of equity instruments expected to
vest as a result of the effect of non-market-based vesting conditions.
The impact of the revision of the original estimates, if any, is
recognised in profit or loss such that the cumulative expense reflects
the revised estimate, with a corresponding adjustment to reserves.
2.4New or revised Standards or Interpretations adopted as at 1
January 2022
The amendments listed below do not have any effect on the Group's
consolidated financial statements:
\u2022Amendments to IFRS 3, IAS 16 and IAS 37
\u2022Annual Improvements 2018-2020
Certain new accounting standards and interpretations have been
published that are not mandatory for 31 December 2022 reporting
periods and have not been early adopted by the group. These
standards are not expected to have a material impact on the entity in
the current or future reporting periods and on foreseeable future
transactions.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-228": {
"value": "Basis of accounting
These financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS) as adopted by the
European Union (EU) and also comply with the financial reporting
requirements included in Part 9 of Book 2 of the Dutch Civil Code.
The financial statements have been prepared on the historical cost
basis, except for for the following:
\u2022certain financial assets and liabilities \u2013 measured at fair value.
\u2022assets held for sale \u2013 measured at fair value less costs to sell.
Historical cost is generally based on the fair value of the consideration
[at the time of the exchange] given in exchange for goods and
services.
The financial statements are presented in Euro\u2019s and all values are
rounded to the nearest thousand euro (\u20ac\u2019000), except where
otherwise indicated.
Fair value is the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market
participants at the measurement date, regardless of whether that
price is directly observable or estimated using another valuation
technique. In estimating the fair value of an asset or a liability, the
13 The same scenarios were used for impairment testing and are described in note 12. Group takes into account the characteristics of the asset or liability if
market participants would take those characteristics into account
when pricing the asset or liability at the measurement date. Fair value
for measurement and/or disclosure purposes in these consolidated
financial statements is determined on such a basis, except for share-
based payment transactions that are within the scope of IFRS 2,
leasing transactions that are within the scope of IFRS 16, and
measurements that have some similarities to fair value but are not fair
value, such as net realisable value in IAS 2 or value in use in IAS 36.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-229": {
"value": "Basis of consolidation
The consolidated financial statements incorporate the financial
statements of the Company and entities, including structured entities,
controlled by the Company (its subsidiaries) made up to 31 December
each year.
Control is achieved when the Company:
\u2022has the power over the investee;
\u2022is exposed, or has rights, to variable returns from its
involvement with the investee; and
\u2022has the ability to use its power to affect its returns.
The Company reassesses whether or not it controls an investee if facts
and circumstances indicate that there are changes to one or more of
the three elements of control listed above.
When the Company has less than a majority of the voting rights of an
investee, it considers that it has power over the investee when the
voting rights are sufficient to give it the practical ability to direct the
relevant activities of the investee unilaterally. The Company considers
all relevant facts and circumstances in assessing whether or not the
Company\u2019s voting rights in an investee are sufficient to give it power,
including:
\u2022the size of the Company\u2019s holding of voting rights relative to
the size and dispersion of holdings of the other vote holders;
\u2022potential voting rights held by the Company, other vote
holders or other parties;
\u2022rights arising from other contractual arrangements; and
\u2022any additional facts and circumstances that indicate that the
Company has, or does not have, the current ability to direct
the relevant activities at the time that decisions need to be
made, including voting patterns at previous shareholders\u2019
meetings.
Consolidation of a subsidiary begins when the Company obtains
control over the subsidiary and ceases when the Company loses
control of the subsidiary. Specifically, the results of subsidiaries
acquired or disposed of during the year are included in profit or loss
from the date the Company gains control until the date when the
Company ceases to control the subsidiary.
Where necessary, adjustments are made to the financial statements of
subsidiaries to bring the accounting policies used into line with the
Group\u2019s accounting policies.
All intra group assets and liabilities, equity, income, expenses and cash
flows relating to transactions between the members of the Group are
eliminated on consolidation.
Non-controlling interests in subsidiaries are identified separately from
the Group\u2019s equity therein. Those interests of non-controlling
shareholders that are present ownership interests entitling their
holders to a proportionate share of net assets upon liquidation may
initially be measured at fair value or at the non-controlling interests\u2019
proportionate share of the fair value of the acquiree\u2019s identifiable net
assets. The choice of measurement is made on an acquisition-by-
acquisition basis. Other non-controlling interests are initially
measured at fair value. Subsequent to acquisition, the carrying amount
of non-controlling interests is the amount of those interests at initial
recognition plus the non-controlling interests\u2019 share of subsequent
changes in equity.
Profit or loss and each component of other comprehensive income are
attributed to the owners of the Company and to the non-controlling
interests. Total comprehensive income of the subsidiaries is
attributed to the owners of the Company and to the non-controlling
interests even if this results in the non-controlling interests having a
deficit balance.
Changes in the Group\u2019s interests in subsidiaries that do not result in a
loss of control are accounted for as equity transactions. The carrying
amount of the Group\u2019s interests and the non-controlling interests are
adjusted to reflect the changes in their relative interests in the
subsidiaries. Any difference between the amount by which the non-
controlling interests are adjusted and the fair value of the
consideration paid or received is recognised directly in equity and
attributed to the owners of the Company.
When the Group loses control of a subsidiary, the gain or loss on
disposal recognised in profit or loss is calculated as the difference
between (i) the aggregate of the fair value of the consideration
received and the fair value of any retained interest and (ii) the previous
carrying amount of the assets (including goodwill), less liabilities of
the subsidiary and any non-controlling interests. All amounts
previously recognised in other comprehensive income in relation to
that subsidiary are accounted for as if the Group had directly disposed
of the related assets or liabilities of the subsidiary (i.e. reclassified to
profit or loss or transferred to another category of equity as required/
permitted by applicable IFRS Standards). The fair value of any
investment retained in the former subsidiary at the date when control
is lost is regarded as the fair value on initial recognition for
subsequent accounting under IFRS 9 when applicable, or the cost on
initial recognition of an investment in an associate or a joint venture.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-230": {
"value": "Basis of consolidation
The consolidated financial statements incorporate the financial
statements of the Company and entities, including structured entities,
controlled by the Company (its subsidiaries) made up to 31 December
each year.
Control is achieved when the Company:
\u2022has the power over the investee;
\u2022is exposed, or has rights, to variable returns from its
involvement with the investee; and
\u2022has the ability to use its power to affect its returns.
The Company reassesses whether or not it controls an investee if facts
and circumstances indicate that there are changes to one or more of
the three elements of control listed above.
When the Company has less than a majority of the voting rights of an
investee, it considers that it has power over the investee when the
voting rights are sufficient to give it the practical ability to direct the
relevant activities of the investee unilaterally. The Company considers
all relevant facts and circumstances in assessing whether or not the
Company\u2019s voting rights in an investee are sufficient to give it power,
including:
\u2022the size of the Company\u2019s holding of voting rights relative to
the size and dispersion of holdings of the other vote holders;
\u2022potential voting rights held by the Company, other vote
holders or other parties;
\u2022rights arising from other contractual arrangements; and
\u2022any additional facts and circumstances that indicate that the
Company has, or does not have, the current ability to direct
the relevant activities at the time that decisions need to be
made, including voting patterns at previous shareholders\u2019
meetings.
Consolidation of a subsidiary begins when the Company obtains
control over the subsidiary and ceases when the Company loses
control of the subsidiary. Specifically, the results of subsidiaries
acquired or disposed of during the year are included in profit or loss
from the date the Company gains control until the date when the
Company ceases to control the subsidiary.
Where necessary, adjustments are made to the financial statements of
subsidiaries to bring the accounting policies used into line with the
Group\u2019s accounting policies.
All intra group assets and liabilities, equity, income, expenses and cash
flows relating to transactions between the members of the Group are
eliminated on consolidation.
Non-controlling interests in subsidiaries are identified separately from
the Group\u2019s equity therein. Those interests of non-controlling
shareholders that are present ownership interests entitling their
holders to a proportionate share of net assets upon liquidation may
initially be measured at fair value or at the non-controlling interests\u2019
proportionate share of the fair value of the acquiree\u2019s identifiable net
assets. The choice of measurement is made on an acquisition-by-
acquisition basis. Other non-controlling interests are initially
measured at fair value. Subsequent to acquisition, the carrying amount
of non-controlling interests is the amount of those interests at initial
recognition plus the non-controlling interests\u2019 share of subsequent
changes in equity.
Profit or loss and each component of other comprehensive income are
attributed to the owners of the Company and to the non-controlling
interests. Total comprehensive income of the subsidiaries is
attributed to the owners of the Company and to the non-controlling
interests even if this results in the non-controlling interests having a
deficit balance.
Changes in the Group\u2019s interests in subsidiaries that do not result in a
loss of control are accounted for as equity transactions. The carrying
amount of the Group\u2019s interests and the non-controlling interests are
adjusted to reflect the changes in their relative interests in the
subsidiaries. Any difference between the amount by which the non-
controlling interests are adjusted and the fair value of the
consideration paid or received is recognised directly in equity and
attributed to the owners of the Company.
When the Group loses control of a subsidiary, the gain or loss on
disposal recognised in profit or loss is calculated as the difference
between (i) the aggregate of the fair value of the consideration
received and the fair value of any retained interest and (ii) the previous
carrying amount of the assets (including goodwill), less liabilities of
the subsidiary and any non-controlling interests. All amounts
previously recognised in other comprehensive income in relation to
that subsidiary are accounted for as if the Group had directly disposed
of the related assets or liabilities of the subsidiary (i.e. reclassified to
profit or loss or transferred to another category of equity as required/
permitted by applicable IFRS Standards). The fair value of any
investment retained in the former subsidiary at the date when control
is lost is regarded as the fair value on initial recognition for
subsequent accounting under IFRS 9 when applicable, or the cost on
initial recognition of an investment in an associate or a joint venture.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-231": {
"value": "Basis of consolidation
The consolidated financial statements incorporate the financial
statements of the Company and entities, including structured entities,
controlled by the Company (its subsidiaries) made up to 31 December
each year.
Control is achieved when the Company:
\u2022has the power over the investee;
\u2022is exposed, or has rights, to variable returns from its
involvement with the investee; and
\u2022has the ability to use its power to affect its returns.
The Company reassesses whether or not it controls an investee if facts
and circumstances indicate that there are changes to one or more of
the three elements of control listed above.
When the Company has less than a majority of the voting rights of an
investee, it considers that it has power over the investee when the
voting rights are sufficient to give it the practical ability to direct the
relevant activities of the investee unilaterally. The Company considers
all relevant facts and circumstances in assessing whether or not the
Company\u2019s voting rights in an investee are sufficient to give it power,
including:
\u2022the size of the Company\u2019s holding of voting rights relative to
the size and dispersion of holdings of the other vote holders;
\u2022potential voting rights held by the Company, other vote
holders or other parties;
\u2022rights arising from other contractual arrangements; and
\u2022any additional facts and circumstances that indicate that the
Company has, or does not have, the current ability to direct
the relevant activities at the time that decisions need to be
made, including voting patterns at previous shareholders\u2019
meetings.
Consolidation of a subsidiary begins when the Company obtains
control over the subsidiary and ceases when the Company loses
control of the subsidiary. Specifically, the results of subsidiaries
acquired or disposed of during the year are included in profit or loss
from the date the Company gains control until the date when the
Company ceases to control the subsidiary.
Where necessary, adjustments are made to the financial statements of
subsidiaries to bring the accounting policies used into line with the
Group\u2019s accounting policies.
All intra group assets and liabilities, equity, income, expenses and cash
flows relating to transactions between the members of the Group are
eliminated on consolidation.
Non-controlling interests in subsidiaries are identified separately from
the Group\u2019s equity therein. Those interests of non-controlling
shareholders that are present ownership interests entitling their
holders to a proportionate share of net assets upon liquidation may
initially be measured at fair value or at the non-controlling interests\u2019
proportionate share of the fair value of the acquiree\u2019s identifiable net
assets. The choice of measurement is made on an acquisition-by-
acquisition basis. Other non-controlling interests are initially
measured at fair value. Subsequent to acquisition, the carrying amount
of non-controlling interests is the amount of those interests at initial
recognition plus the non-controlling interests\u2019 share of subsequent
changes in equity.
Profit or loss and each component of other comprehensive income are
attributed to the owners of the Company and to the non-controlling
interests. Total comprehensive income of the subsidiaries is
attributed to the owners of the Company and to the non-controlling
interests even if this results in the non-controlling interests having a
deficit balance.
Changes in the Group\u2019s interests in subsidiaries that do not result in a
loss of control are accounted for as equity transactions. The carrying
amount of the Group\u2019s interests and the non-controlling interests are
adjusted to reflect the changes in their relative interests in the
subsidiaries. Any difference between the amount by which the non-
controlling interests are adjusted and the fair value of the
consideration paid or received is recognised directly in equity and
attributed to the owners of the Company.
When the Group loses control of a subsidiary, the gain or loss on
disposal recognised in profit or loss is calculated as the difference
between (i) the aggregate of the fair value of the consideration
received and the fair value of any retained interest and (ii) the previous
carrying amount of the assets (including goodwill), less liabilities of
the subsidiary and any non-controlling interests. All amounts
previously recognised in other comprehensive income in relation to
that subsidiary are accounted for as if the Group had directly disposed
of the related assets or liabilities of the subsidiary (i.e. reclassified to
profit or loss or transferred to another category of equity as required/
permitted by applicable IFRS Standards). The fair value of any
investment retained in the former subsidiary at the date when control
is lost is regarded as the fair value on initial recognition for
subsequent accounting under IFRS 9 when applicable, or the cost on
initial recognition of an investment in an associate or a joint venture.
b)Investments in associates and joint ventures
An associate is an entity over which the Group has significant
influence and that is neither a subsidiary nor an interest in a joint
venture. Significant influence is the power to participate in the
financial and operating policy decisions of the investee but is not
control or joint control over those policies.
A joint venture is a joint arrangement whereby the parties that have
joint control of the arrangement have rights to the net assets of the
joint arrangement. Joint control is the contractually agreed sharing of
control of an arrangement, which exists only when decisions about the
relevant activities require unanimous consent of the parties sharing
control.
The results and assets and liabilities of associates or joint ventures are
incorporated in these financial statements using the equity method of
accounting, except when the investment is classified as held for sale,
in which case it is accounted for in accordance with IFRS 5.
Under the equity method, an investment in an associate or a joint
venture is recognised initially in the consolidated statement of
financial position at cost and adjusted thereafter to recognise the
Group\u2019s share of the profit or loss and other comprehensive income of
the associate or joint venture. When the Group\u2019s share of losses of an
associate or a joint venture exceeds the Group\u2019s interest in that
associate or joint venture (which includes any long-term interests
that, in substance, form part of the Group\u2019s net investment in the
associate or joint venture), the Group discontinues recognising its
share of further losses. Additional losses are recognised only to the
extent that the Group has incurred legal or constructive obligations or
made payments on behalf of the associate or joint venture.
An investment in an associate or a joint venture is accounted for using
the equity method from the date on which the investee becomes an
associate or a joint venture. On acquisition of the investment in an
associate or a joint venture, any excess of the cost of the investment
over the Group\u2019s share of the net fair value of the identifiable assets
and liabilities of the investee is recognised as goodwill, which is
included within the carrying amount of the investment. Any excess of
the Group\u2019s share of the net fair value of the identifiable assets and
liabilities over the cost of the investment, after reassessment, is
recognised immediately in profit or loss in the period in which the
investment is acquired.
The requirements of IAS 36 are applied to determine whether it is
necessary to recognise any impairment loss with respect to the
Group\u2019s investment in an associate or a joint venture. When necessary,
the entire carrying amount of the investment (including goodwill) is
tested for impairment in accordance with IAS 36 as a single asset by
comparing its recoverable amount (higher of value in use and fair value
less costs of disposal) with its carrying amount. Any impairment loss
recognised is not allocated to any asset, including goodwill that forms
part of the carrying amount of the investment. Any reversal of that
impairment loss is recognised in accordance with IAS 36 to the extent
that the recoverable amount of the investment subsequently
increases.
The Group discontinues the use of the equity method from the date
when the investment ceases to be an associate or a joint venture.
When the Group retains an interest in the former associate or a joint
venture and the retained interest is a financial asset, the Group
measures the retained interest at fair value at that date and the fair
value is regarded as its fair value on initial recognition in accordance
with IFRS 9. The difference between the carrying amount of the
associate or a joint venture at the date the equity method was
discontinued, and the fair value of any retained interest and any
proceeds from disposing of a part interest in the associate or a joint
venture is included in the determination of the gain or loss on disposal
of the associate or joint venture. In addition, the Group accounts for all
amounts previously recognised in other comprehensive income in
relation to that associate on the same basis as would be required if
that associate had directly disposed of the related assets or liabilities.
Therefore, if a gain or loss previously recognised in other
comprehensive income by that associate or joint venture would be
reclassified to profit or loss on the disposal of the related assets or
liabilities, the Group reclassifies the gain or loss from equity to profit
or loss (as a reclassification adjustment) when the associate or joint
venture is disposed of.
When the Group reduces its ownership interest in an associate or a
joint venture but the Group continues to use the equity method, the
Group reclassifies to profit or loss the proportion of the gain or loss
that had previously been recognised in other comprehensive income
relating to that reduction in ownership interest if that gain or loss
would be reclassified to profit or loss on the disposal of the related
assets or liabilities.
When a Group entity transacts with an associate or a joint venture of
the Group, profits and losses resulting from the transactions with the
associate or joint venture are recognised in the Group\u2019s consolidated
financial statements only to the extent of interests in the associate or
joint venture that are not related to the Group.
The Group applies IFRS 9, including the impairment requirements, to
long-term interests in an associate or joint venture to which the equity
method is not applied and which form part of the net investment in the
investee. Furthermore, in applying IFRS 9 to long-term interests, the
Group does not take into account adjustments to their carrying
amount required by IAS 28 (i.e. adjustments to the carrying amount of
long-term interests arising from the allocation of losses of the
investee or assessment of impairment in accordance with IAS 28).
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-232": {
"value": "Basis of consolidation
The consolidated financial statements incorporate the financial
statements of the Company and entities, including structured entities,
controlled by the Company (its subsidiaries) made up to 31 December
each year.
Control is achieved when the Company:
\u2022has the power over the investee;
\u2022is exposed, or has rights, to variable returns from its
involvement with the investee; and
\u2022has the ability to use its power to affect its returns.
The Company reassesses whether or not it controls an investee if facts
and circumstances indicate that there are changes to one or more of
the three elements of control listed above.
When the Company has less than a majority of the voting rights of an
investee, it considers that it has power over the investee when the
voting rights are sufficient to give it the practical ability to direct the
relevant activities of the investee unilaterally. The Company considers
all relevant facts and circumstances in assessing whether or not the
Company\u2019s voting rights in an investee are sufficient to give it power,
including:
\u2022the size of the Company\u2019s holding of voting rights relative to
the size and dispersion of holdings of the other vote holders;
\u2022potential voting rights held by the Company, other vote
holders or other parties;
\u2022rights arising from other contractual arrangements; and
\u2022any additional facts and circumstances that indicate that the
Company has, or does not have, the current ability to direct
the relevant activities at the time that decisions need to be
made, including voting patterns at previous shareholders\u2019
meetings.
Consolidation of a subsidiary begins when the Company obtains
control over the subsidiary and ceases when the Company loses
control of the subsidiary. Specifically, the results of subsidiaries
acquired or disposed of during the year are included in profit or loss
from the date the Company gains control until the date when the
Company ceases to control the subsidiary.
Where necessary, adjustments are made to the financial statements of
subsidiaries to bring the accounting policies used into line with the
Group\u2019s accounting policies.
All intra group assets and liabilities, equity, income, expenses and cash
flows relating to transactions between the members of the Group are
eliminated on consolidation.
Non-controlling interests in subsidiaries are identified separately from
the Group\u2019s equity therein. Those interests of non-controlling
shareholders that are present ownership interests entitling their
holders to a proportionate share of net assets upon liquidation may
initially be measured at fair value or at the non-controlling interests\u2019
proportionate share of the fair value of the acquiree\u2019s identifiable net
assets. The choice of measurement is made on an acquisition-by-
acquisition basis. Other non-controlling interests are initially
measured at fair value. Subsequent to acquisition, the carrying amount
of non-controlling interests is the amount of those interests at initial
recognition plus the non-controlling interests\u2019 share of subsequent
changes in equity.
Profit or loss and each component of other comprehensive income are
attributed to the owners of the Company and to the non-controlling
interests. Total comprehensive income of the subsidiaries is
attributed to the owners of the Company and to the non-controlling
interests even if this results in the non-controlling interests having a
deficit balance.
Changes in the Group\u2019s interests in subsidiaries that do not result in a
loss of control are accounted for as equity transactions. The carrying
amount of the Group\u2019s interests and the non-controlling interests are
adjusted to reflect the changes in their relative interests in the
subsidiaries. Any difference between the amount by which the non-
controlling interests are adjusted and the fair value of the
consideration paid or received is recognised directly in equity and
attributed to the owners of the Company.
When the Group loses control of a subsidiary, the gain or loss on
disposal recognised in profit or loss is calculated as the difference
between (i) the aggregate of the fair value of the consideration
received and the fair value of any retained interest and (ii) the previous
carrying amount of the assets (including goodwill), less liabilities of
the subsidiary and any non-controlling interests. All amounts
previously recognised in other comprehensive income in relation to
that subsidiary are accounted for as if the Group had directly disposed
of the related assets or liabilities of the subsidiary (i.e. reclassified to
profit or loss or transferred to another category of equity as required/
permitted by applicable IFRS Standards). The fair value of any
investment retained in the former subsidiary at the date when control
is lost is regarded as the fair value on initial recognition for
subsequent accounting under IFRS 9 when applicable, or the cost on
initial recognition of an investment in an associate or a joint venture.
b)Investments in associates and joint ventures
An associate is an entity over which the Group has significant
influence and that is neither a subsidiary nor an interest in a joint
venture. Significant influence is the power to participate in the
financial and operating policy decisions of the investee but is not
control or joint control over those policies.
A joint venture is a joint arrangement whereby the parties that have
joint control of the arrangement have rights to the net assets of the
joint arrangement. Joint control is the contractually agreed sharing of
control of an arrangement, which exists only when decisions about the
relevant activities require unanimous consent of the parties sharing
control.
The results and assets and liabilities of associates or joint ventures are
incorporated in these financial statements using the equity method of
accounting, except when the investment is classified as held for sale,
in which case it is accounted for in accordance with IFRS 5.
Under the equity method, an investment in an associate or a joint
venture is recognised initially in the consolidated statement of
financial position at cost and adjusted thereafter to recognise the
Group\u2019s share of the profit or loss and other comprehensive income of
the associate or joint venture. When the Group\u2019s share of losses of an
associate or a joint venture exceeds the Group\u2019s interest in that
associate or joint venture (which includes any long-term interests
that, in substance, form part of the Group\u2019s net investment in the
associate or joint venture), the Group discontinues recognising its
share of further losses. Additional losses are recognised only to the
extent that the Group has incurred legal or constructive obligations or
made payments on behalf of the associate or joint venture.
An investment in an associate or a joint venture is accounted for using
the equity method from the date on which the investee becomes an
associate or a joint venture. On acquisition of the investment in an
associate or a joint venture, any excess of the cost of the investment
over the Group\u2019s share of the net fair value of the identifiable assets
and liabilities of the investee is recognised as goodwill, which is
included within the carrying amount of the investment. Any excess of
the Group\u2019s share of the net fair value of the identifiable assets and
liabilities over the cost of the investment, after reassessment, is
recognised immediately in profit or loss in the period in which the
investment is acquired.
The requirements of IAS 36 are applied to determine whether it is
necessary to recognise any impairment loss with respect to the
Group\u2019s investment in an associate or a joint venture. When necessary,
the entire carrying amount of the investment (including goodwill) is
tested for impairment in accordance with IAS 36 as a single asset by
comparing its recoverable amount (higher of value in use and fair value
less costs of disposal) with its carrying amount. Any impairment loss
recognised is not allocated to any asset, including goodwill that forms
part of the carrying amount of the investment. Any reversal of that
impairment loss is recognised in accordance with IAS 36 to the extent
that the recoverable amount of the investment subsequently
increases.
The Group discontinues the use of the equity method from the date
when the investment ceases to be an associate or a joint venture.
When the Group retains an interest in the former associate or a joint
venture and the retained interest is a financial asset, the Group
measures the retained interest at fair value at that date and the fair
value is regarded as its fair value on initial recognition in accordance
with IFRS 9. The difference between the carrying amount of the
associate or a joint venture at the date the equity method was
discontinued, and the fair value of any retained interest and any
proceeds from disposing of a part interest in the associate or a joint
venture is included in the determination of the gain or loss on disposal
of the associate or joint venture. In addition, the Group accounts for all
amounts previously recognised in other comprehensive income in
relation to that associate on the same basis as would be required if
that associate had directly disposed of the related assets or liabilities.
Therefore, if a gain or loss previously recognised in other
comprehensive income by that associate or joint venture would be
reclassified to profit or loss on the disposal of the related assets or
liabilities, the Group reclassifies the gain or loss from equity to profit
or loss (as a reclassification adjustment) when the associate or joint
venture is disposed of.
When the Group reduces its ownership interest in an associate or a
joint venture but the Group continues to use the equity method, the
Group reclassifies to profit or loss the proportion of the gain or loss
that had previously been recognised in other comprehensive income
relating to that reduction in ownership interest if that gain or loss
would be reclassified to profit or loss on the disposal of the related
assets or liabilities.
When a Group entity transacts with an associate or a joint venture of
the Group, profits and losses resulting from the transactions with the
associate or joint venture are recognised in the Group\u2019s consolidated
financial statements only to the extent of interests in the associate or
joint venture that are not related to the Group.
The Group applies IFRS 9, including the impairment requirements, to
long-term interests in an associate or joint venture to which the equity
method is not applied and which form part of the net investment in the
investee. Furthermore, in applying IFRS 9 to long-term interests, the
Group does not take into account adjustments to their carrying
amount required by IAS 28 (i.e. adjustments to the carrying amount of
long-term interests arising from the allocation of losses of the
investee or assessment of impairment in accordance with IAS 28).
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-233": {
"value": "Investments in associates and joint ventures
An associate is an entity over which the Group has significant
influence and that is neither a subsidiary nor an interest in a joint
venture. Significant influence is the power to participate in the
financial and operating policy decisions of the investee but is not
control or joint control over those policies.
A joint venture is a joint arrangement whereby the parties that have
joint control of the arrangement have rights to the net assets of the
joint arrangement. Joint control is the contractually agreed sharing of
control of an arrangement, which exists only when decisions about the
relevant activities require unanimous consent of the parties sharing
control.
The results and assets and liabilities of associates or joint ventures are
incorporated in these financial statements using the equity method of
accounting, except when the investment is classified as held for sale,
in which case it is accounted for in accordance with IFRS 5.
Under the equity method, an investment in an associate or a joint
venture is recognised initially in the consolidated statement of
financial position at cost and adjusted thereafter to recognise the
Group\u2019s share of the profit or loss and other comprehensive income of
the associate or joint venture. When the Group\u2019s share of losses of an
associate or a joint venture exceeds the Group\u2019s interest in that
associate or joint venture (which includes any long-term interests
that, in substance, form part of the Group\u2019s net investment in the
associate or joint venture), the Group discontinues recognising its
share of further losses. Additional losses are recognised only to the
extent that the Group has incurred legal or constructive obligations or
made payments on behalf of the associate or joint venture.
An investment in an associate or a joint venture is accounted for using
the equity method from the date on which the investee becomes an
associate or a joint venture. On acquisition of the investment in an
associate or a joint venture, any excess of the cost of the investment
over the Group\u2019s share of the net fair value of the identifiable assets
and liabilities of the investee is recognised as goodwill, which is
included within the carrying amount of the investment. Any excess of
the Group\u2019s share of the net fair value of the identifiable assets and
liabilities over the cost of the investment, after reassessment, is
recognised immediately in profit or loss in the period in which the
investment is acquired.
The requirements of IAS 36 are applied to determine whether it is
necessary to recognise any impairment loss with respect to the
Group\u2019s investment in an associate or a joint venture. When necessary,
the entire carrying amount of the investment (including goodwill) is
tested for impairment in accordance with IAS 36 as a single asset by
comparing its recoverable amount (higher of value in use and fair value
less costs of disposal) with its carrying amount. Any impairment loss
recognised is not allocated to any asset, including goodwill that forms
part of the carrying amount of the investment. Any reversal of that
impairment loss is recognised in accordance with IAS 36 to the extent
that the recoverable amount of the investment subsequently
increases.
The Group discontinues the use of the equity method from the date
when the investment ceases to be an associate or a joint venture.
When the Group retains an interest in the former associate or a joint
venture and the retained interest is a financial asset, the Group
measures the retained interest at fair value at that date and the fair
value is regarded as its fair value on initial recognition in accordance
with IFRS 9. The difference between the carrying amount of the
associate or a joint venture at the date the equity method was
discontinued, and the fair value of any retained interest and any
proceeds from disposing of a part interest in the associate or a joint
venture is included in the determination of the gain or loss on disposal
of the associate or joint venture. In addition, the Group accounts for all
amounts previously recognised in other comprehensive income in
relation to that associate on the same basis as would be required if
that associate had directly disposed of the related assets or liabilities.
Therefore, if a gain or loss previously recognised in other
comprehensive income by that associate or joint venture would be
reclassified to profit or loss on the disposal of the related assets or
liabilities, the Group reclassifies the gain or loss from equity to profit
or loss (as a reclassification adjustment) when the associate or joint
venture is disposed of.
When the Group reduces its ownership interest in an associate or a
joint venture but the Group continues to use the equity method, the
Group reclassifies to profit or loss the proportion of the gain or loss
that had previously been recognised in other comprehensive income
relating to that reduction in ownership interest if that gain or loss
would be reclassified to profit or loss on the disposal of the related
assets or liabilities.
When a Group entity transacts with an associate or a joint venture of
the Group, profits and losses resulting from the transactions with the
associate or joint venture are recognised in the Group\u2019s consolidated
financial statements only to the extent of interests in the associate or
joint venture that are not related to the Group.
The Group applies IFRS 9, including the impairment requirements, to
long-term interests in an associate or joint venture to which the equity
method is not applied and which form part of the net investment in the
investee. Furthermore, in applying IFRS 9 to long-term interests, the
Group does not take into account adjustments to their carrying
amount required by IAS 28 (i.e. adjustments to the carrying amount of
long-term interests arising from the allocation of losses of the
investee or assessment of impairment in accordance with IAS 28).
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-234": {
"value": "Investments in associates and joint ventures
An associate is an entity over which the Group has significant
influence and that is neither a subsidiary nor an interest in a joint
venture. Significant influence is the power to participate in the
financial and operating policy decisions of the investee but is not
control or joint control over those policies.
A joint venture is a joint arrangement whereby the parties that have
joint control of the arrangement have rights to the net assets of the
joint arrangement. Joint control is the contractually agreed sharing of
control of an arrangement, which exists only when decisions about the
relevant activities require unanimous consent of the parties sharing
control.
The results and assets and liabilities of associates or joint ventures are
incorporated in these financial statements using the equity method of
accounting, except when the investment is classified as held for sale,
in which case it is accounted for in accordance with IFRS 5.
Under the equity method, an investment in an associate or a joint
venture is recognised initially in the consolidated statement of
financial position at cost and adjusted thereafter to recognise the
Group\u2019s share of the profit or loss and other comprehensive income of
the associate or joint venture. When the Group\u2019s share of losses of an
associate or a joint venture exceeds the Group\u2019s interest in that
associate or joint venture (which includes any long-term interests
that, in substance, form part of the Group\u2019s net investment in the
associate or joint venture), the Group discontinues recognising its
share of further losses. Additional losses are recognised only to the
extent that the Group has incurred legal or constructive obligations or
made payments on behalf of the associate or joint venture.
An investment in an associate or a joint venture is accounted for using
the equity method from the date on which the investee becomes an
associate or a joint venture. On acquisition of the investment in an
associate or a joint venture, any excess of the cost of the investment
over the Group\u2019s share of the net fair value of the identifiable assets
and liabilities of the investee is recognised as goodwill, which is
included within the carrying amount of the investment. Any excess of
the Group\u2019s share of the net fair value of the identifiable assets and
liabilities over the cost of the investment, after reassessment, is
recognised immediately in profit or loss in the period in which the
investment is acquired.
The requirements of IAS 36 are applied to determine whether it is
necessary to recognise any impairment loss with respect to the
Group\u2019s investment in an associate or a joint venture. When necessary,
the entire carrying amount of the investment (including goodwill) is
tested for impairment in accordance with IAS 36 as a single asset by
comparing its recoverable amount (higher of value in use and fair value
less costs of disposal) with its carrying amount. Any impairment loss
recognised is not allocated to any asset, including goodwill that forms
part of the carrying amount of the investment. Any reversal of that
impairment loss is recognised in accordance with IAS 36 to the extent
that the recoverable amount of the investment subsequently
increases.
The Group discontinues the use of the equity method from the date
when the investment ceases to be an associate or a joint venture.
When the Group retains an interest in the former associate or a joint
venture and the retained interest is a financial asset, the Group
measures the retained interest at fair value at that date and the fair
value is regarded as its fair value on initial recognition in accordance
with IFRS 9. The difference between the carrying amount of the
associate or a joint venture at the date the equity method was
discontinued, and the fair value of any retained interest and any
proceeds from disposing of a part interest in the associate or a joint
venture is included in the determination of the gain or loss on disposal
of the associate or joint venture. In addition, the Group accounts for all
amounts previously recognised in other comprehensive income in
relation to that associate on the same basis as would be required if
that associate had directly disposed of the related assets or liabilities.
Therefore, if a gain or loss previously recognised in other
comprehensive income by that associate or joint venture would be
reclassified to profit or loss on the disposal of the related assets or
liabilities, the Group reclassifies the gain or loss from equity to profit
or loss (as a reclassification adjustment) when the associate or joint
venture is disposed of.
When the Group reduces its ownership interest in an associate or a
joint venture but the Group continues to use the equity method, the
Group reclassifies to profit or loss the proportion of the gain or loss
that had previously been recognised in other comprehensive income
relating to that reduction in ownership interest if that gain or loss
would be reclassified to profit or loss on the disposal of the related
assets or liabilities.
When a Group entity transacts with an associate or a joint venture of
the Group, profits and losses resulting from the transactions with the
associate or joint venture are recognised in the Group\u2019s consolidated
financial statements only to the extent of interests in the associate or
joint venture that are not related to the Group.
The Group applies IFRS 9, including the impairment requirements, to
long-term interests in an associate or joint venture to which the equity
method is not applied and which form part of the net investment in the
investee. Furthermore, in applying IFRS 9 to long-term interests, the
Group does not take into account adjustments to their carrying
amount required by IAS 28 (i.e. adjustments to the carrying amount of
long-term interests arising from the allocation of losses of the
investee or assessment of impairment in accordance with IAS 28).
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-235": {
"value": "Investments in associates and joint ventures
An associate is an entity over which the Group has significant
influence and that is neither a subsidiary nor an interest in a joint
venture. Significant influence is the power to participate in the
financial and operating policy decisions of the investee but is not
control or joint control over those policies.
A joint venture is a joint arrangement whereby the parties that have
joint control of the arrangement have rights to the net assets of the
joint arrangement. Joint control is the contractually agreed sharing of
control of an arrangement, which exists only when decisions about the
relevant activities require unanimous consent of the parties sharing
control.
The results and assets and liabilities of associates or joint ventures are
incorporated in these financial statements using the equity method of
accounting, except when the investment is classified as held for sale,
in which case it is accounted for in accordance with IFRS 5.
Under the equity method, an investment in an associate or a joint
venture is recognised initially in the consolidated statement of
financial position at cost and adjusted thereafter to recognise the
Group\u2019s share of the profit or loss and other comprehensive income of
the associate or joint venture. When the Group\u2019s share of losses of an
associate or a joint venture exceeds the Group\u2019s interest in that
associate or joint venture (which includes any long-term interests
that, in substance, form part of the Group\u2019s net investment in the
associate or joint venture), the Group discontinues recognising its
share of further losses. Additional losses are recognised only to the
extent that the Group has incurred legal or constructive obligations or
made payments on behalf of the associate or joint venture.
An investment in an associate or a joint venture is accounted for using
the equity method from the date on which the investee becomes an
associate or a joint venture. On acquisition of the investment in an
associate or a joint venture, any excess of the cost of the investment
over the Group\u2019s share of the net fair value of the identifiable assets
and liabilities of the investee is recognised as goodwill, which is
included within the carrying amount of the investment. Any excess of
the Group\u2019s share of the net fair value of the identifiable assets and
liabilities over the cost of the investment, after reassessment, is
recognised immediately in profit or loss in the period in which the
investment is acquired.
The requirements of IAS 36 are applied to determine whether it is
necessary to recognise any impairment loss with respect to the
Group\u2019s investment in an associate or a joint venture. When necessary,
the entire carrying amount of the investment (including goodwill) is
tested for impairment in accordance with IAS 36 as a single asset by
comparing its recoverable amount (higher of value in use and fair value
less costs of disposal) with its carrying amount. Any impairment loss
recognised is not allocated to any asset, including goodwill that forms
part of the carrying amount of the investment. Any reversal of that
impairment loss is recognised in accordance with IAS 36 to the extent
that the recoverable amount of the investment subsequently
increases.
The Group discontinues the use of the equity method from the date
when the investment ceases to be an associate or a joint venture.
When the Group retains an interest in the former associate or a joint
venture and the retained interest is a financial asset, the Group
measures the retained interest at fair value at that date and the fair
value is regarded as its fair value on initial recognition in accordance
with IFRS 9. The difference between the carrying amount of the
associate or a joint venture at the date the equity method was
discontinued, and the fair value of any retained interest and any
proceeds from disposing of a part interest in the associate or a joint
venture is included in the determination of the gain or loss on disposal
of the associate or joint venture. In addition, the Group accounts for all
amounts previously recognised in other comprehensive income in
relation to that associate on the same basis as would be required if
that associate had directly disposed of the related assets or liabilities.
Therefore, if a gain or loss previously recognised in other
comprehensive income by that associate or joint venture would be
reclassified to profit or loss on the disposal of the related assets or
liabilities, the Group reclassifies the gain or loss from equity to profit
or loss (as a reclassification adjustment) when the associate or joint
venture is disposed of.
When the Group reduces its ownership interest in an associate or a
joint venture but the Group continues to use the equity method, the
Group reclassifies to profit or loss the proportion of the gain or loss
that had previously been recognised in other comprehensive income
relating to that reduction in ownership interest if that gain or loss
would be reclassified to profit or loss on the disposal of the related
assets or liabilities.
When a Group entity transacts with an associate or a joint venture of
the Group, profits and losses resulting from the transactions with the
associate or joint venture are recognised in the Group\u2019s consolidated
financial statements only to the extent of interests in the associate or
joint venture that are not related to the Group.
The Group applies IFRS 9, including the impairment requirements, to
long-term interests in an associate or joint venture to which the equity
method is not applied and which form part of the net investment in the
investee. Furthermore, in applying IFRS 9 to long-term interests, the
Group does not take into account adjustments to their carrying
amount required by IAS 28 (i.e. adjustments to the carrying amount of
long-term interests arising from the allocation of losses of the
investee or assessment of impairment in accordance with IAS 28).
Group information
The consolidated financial statements of the Group include:
| | | | |
| | | | |
| | | | |
Fastned Verwaltungsgesellschaft mbH | General partner Fastned Deutschland GmbH & Co KG | | | |
Fastned Deutschland GmbH & Co KG | Construction and operating charging stations | | | |
| Construction and operating charging stations | | | |
| Construction and operating charging stations | | | |
| Construction and operating charging stations | | | |
| Construction and operating charging stations | | | |
| | | | |
| | | | |
The Fast Charging Network BV | Construction and operating charging stations | | | |
| Commercial operation of chargers at charging stations | | | |
| Construction and operating charging stations | | | |
| Construction and operating charging stations | | | |
In 2022, the Group established a new subsidiary in France. Fastned
France SPV1 was incorporated on 22 February 2022. Additionally, the
Group established a subsidiary in Italy. Fastned Italia SRL was
incorporated on 7 June 2022.
Fastned B.V. has a cooperation agreement with Fastned Terra 1 B.V. in
which it is agreed that Fastned B.V. will operate chargers owned by
Fastned Terra 1 B.V. at Fastned B.V. locations in return for a revenue
share.
Fastned Beheer B.V. performs administrative, financial, commercial
and technical management of fast chargers owned by Fastned Terra 1
B.V..
Since Fastned B.V. does not have rights giving the ability to direct the
activities of Fastned Terra 1 B.V., nor the ability to affect its returns,
Fastned Terra 1 B.V. is not consolidated in the Group\u2019s financial
statements.
Shares in Fastned B.V. are held by FAST (Fastned Administratie
Stichting), Amsterdam.
The board of directors of Fastned B.V. consist of Michiel Langezaal and
Victor van Dijk. Niels Korthals Altes resigned from the Company on 9
March 2022.
The supervisory board of Fastned B.V. consists of Bart Lubbers
(chairman), J\u00e9r\u00f4me Janssen, Marije van Mens and Nancy Kabalt.
| | |
Own holding as % of total outstanding certificates of shares | | |
Wilhelmina-Dok B.V. (Bart Lubbers) | | |
Carraig Aonair Holding B.V. (Michiel Langezaal) | | |
| | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-236": {
"value": "Investments in associates and joint ventures
An associate is an entity over which the Group has significant
influence and that is neither a subsidiary nor an interest in a joint
venture. Significant influence is the power to participate in the
financial and operating policy decisions of the investee but is not
control or joint control over those policies.
A joint venture is a joint arrangement whereby the parties that have
joint control of the arrangement have rights to the net assets of the
joint arrangement. Joint control is the contractually agreed sharing of
control of an arrangement, which exists only when decisions about the
relevant activities require unanimous consent of the parties sharing
control.
The results and assets and liabilities of associates or joint ventures are
incorporated in these financial statements using the equity method of
accounting, except when the investment is classified as held for sale,
in which case it is accounted for in accordance with IFRS 5.
Under the equity method, an investment in an associate or a joint
venture is recognised initially in the consolidated statement of
financial position at cost and adjusted thereafter to recognise the
Group\u2019s share of the profit or loss and other comprehensive income of
the associate or joint venture. When the Group\u2019s share of losses of an
associate or a joint venture exceeds the Group\u2019s interest in that
associate or joint venture (which includes any long-term interests
that, in substance, form part of the Group\u2019s net investment in the
associate or joint venture), the Group discontinues recognising its
share of further losses. Additional losses are recognised only to the
extent that the Group has incurred legal or constructive obligations or
made payments on behalf of the associate or joint venture.
An investment in an associate or a joint venture is accounted for using
the equity method from the date on which the investee becomes an
associate or a joint venture. On acquisition of the investment in an
associate or a joint venture, any excess of the cost of the investment
over the Group\u2019s share of the net fair value of the identifiable assets
and liabilities of the investee is recognised as goodwill, which is
included within the carrying amount of the investment. Any excess of
the Group\u2019s share of the net fair value of the identifiable assets and
liabilities over the cost of the investment, after reassessment, is
recognised immediately in profit or loss in the period in which the
investment is acquired.
The requirements of IAS 36 are applied to determine whether it is
necessary to recognise any impairment loss with respect to the
Group\u2019s investment in an associate or a joint venture. When necessary,
the entire carrying amount of the investment (including goodwill) is
tested for impairment in accordance with IAS 36 as a single asset by
comparing its recoverable amount (higher of value in use and fair value
less costs of disposal) with its carrying amount. Any impairment loss
recognised is not allocated to any asset, including goodwill that forms
part of the carrying amount of the investment. Any reversal of that
impairment loss is recognised in accordance with IAS 36 to the extent
that the recoverable amount of the investment subsequently
increases.
The Group discontinues the use of the equity method from the date
when the investment ceases to be an associate or a joint venture.
When the Group retains an interest in the former associate or a joint
venture and the retained interest is a financial asset, the Group
measures the retained interest at fair value at that date and the fair
value is regarded as its fair value on initial recognition in accordance
with IFRS 9. The difference between the carrying amount of the
associate or a joint venture at the date the equity method was
discontinued, and the fair value of any retained interest and any
proceeds from disposing of a part interest in the associate or a joint
venture is included in the determination of the gain or loss on disposal
of the associate or joint venture. In addition, the Group accounts for all
amounts previously recognised in other comprehensive income in
relation to that associate on the same basis as would be required if
that associate had directly disposed of the related assets or liabilities.
Therefore, if a gain or loss previously recognised in other
comprehensive income by that associate or joint venture would be
reclassified to profit or loss on the disposal of the related assets or
liabilities, the Group reclassifies the gain or loss from equity to profit
or loss (as a reclassification adjustment) when the associate or joint
venture is disposed of.
When the Group reduces its ownership interest in an associate or a
joint venture but the Group continues to use the equity method, the
Group reclassifies to profit or loss the proportion of the gain or loss
that had previously been recognised in other comprehensive income
relating to that reduction in ownership interest if that gain or loss
would be reclassified to profit or loss on the disposal of the related
assets or liabilities.
When a Group entity transacts with an associate or a joint venture of
the Group, profits and losses resulting from the transactions with the
associate or joint venture are recognised in the Group\u2019s consolidated
financial statements only to the extent of interests in the associate or
joint venture that are not related to the Group.
The Group applies IFRS 9, including the impairment requirements, to
long-term interests in an associate or joint venture to which the equity
method is not applied and which form part of the net investment in the
investee. Furthermore, in applying IFRS 9 to long-term interests, the
Group does not take into account adjustments to their carrying
amount required by IAS 28 (i.e. adjustments to the carrying amount of
long-term interests arising from the allocation of losses of the
investee or assessment of impairment in accordance with IAS 28).
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-237": {
"value": "
An investment in an associate or a joint venture is accounted for using
the equity method from the date on which the investee becomes an
associate or a joint venture. On acquisition of the investment in an
associate or a joint venture, any excess of the cost of the investment
over the Group\u2019s share of the net fair value of the identifiable assets
and liabilities of the investee is recognised as goodwill, which is
included within the carrying amount of the investment. Any excess of
the Group\u2019s share of the net fair value of the identifiable assets and
liabilities over the cost of the investment, after reassessment, is
recognised immediately in profit or loss in the period in which the
investment is acquired.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-238": {
"value": "
The requirements of IAS 36 are applied to determine whether it is
necessary to recognise any impairment loss with respect to the
Group\u2019s investment in an associate or a joint venture. When necessary,
the entire carrying amount of the investment (including goodwill) is
tested for impairment in accordance with IAS 36 as a single asset by
comparing its recoverable amount (higher of value in use and fair value
less costs of disposal) with its carrying amount. Any impairment loss
recognised is not allocated to any asset, including goodwill that forms
part of the carrying amount of the investment. Any reversal of that
impairment loss is recognised in accordance with IAS 36 to the extent
that the recoverable amount of the investment subsequently
increases.
The Group applies IAS 36 to determine whether a right-of-use asset is
impaired and accounts for any identified impairment loss as described
in the \u2018Property, Plant and Equipment\u2019 policy.
Subsequent to initial recognition, the Group regularly reviews the
estimated unguaranteed residual value and applies the impairment
requirements of IFRS 9, recognising an allowance for expected credit
losses on the lease receivables.
Impairment of property, plant and equipment and intangible
assets excluding goodwill
At each reporting date, the Group reviews the carrying amounts of its
property, plant and equipment and intangible assets to determine
whether there is any indication that those assets have suffered an
impairment loss. If any such indication exists, the recoverable amount
of the asset is estimated to determine the extent of the impairment
loss (if any). Where the asset does not generate cash flows that are
independent from other assets, the Group estimates the recoverable
amount of the cash-generating unit to which the asset belongs. When
a reasonable and consistent basis of allocation can be identified,
corporate assets are also allocated to individual cash-generating
units, or otherwise they are allocated to the smallest group of cash-
generating units for which a reasonable and consistent allocation
basis can be identified.
Intangible assets with an indefinite useful life are tested for
impairment at least annually and whenever there is an indication at the
end of a reporting period that the asset may be impaired.
Recoverable amount is the higher of fair value less costs of disposal
and value in use. In assessing value in use, the estimated future cash
flows are discounted to their present value using a pre-tax discount
rate that reflects current market assessments of the time value of
money and the risks specific to the asset for which the estimates of
future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is
estimated to be less than its carrying amount, the carrying amount of
the asset (or cash-generating unit) is reduced to its recoverable
amount. An impairment loss is recognised immediately in profit or
loss, unless the relevant asset is carried at a revalued amount, in which
case the impairment loss is treated as a revaluation decrease and to
the extent that the impairment loss is greater than the related
revaluation surplus, the excess impairment loss is recognised in profit
or loss.
Where an impairment loss subsequently reverses, the carrying amount
of the asset (or cash-generating unit) is increased to the revised
estimate of its recoverable amount, but so that the increased carrying
amount does not exceed the carrying amount that would have been
determined had no impairment loss been recognised for the asset (or
cash-generating unit) in prior years. A reversal of an impairment loss is
recognised immediately in profit or loss to the extent that it eliminates
the impairment loss which has been recognised for the asset in prior
years. Any increase in excess of this amount is treated as a revaluation
increase.
Financial assets - Impairment
The Group assesses on a forward looking basis the expected credit
losses associated with its debt instruments carried at amortised cost.
The Group has no trade receivables nor amounts due from customers
for contract work including a significant finance component and is
therefore required to apply the simplified approach under IFRS 9, in
which the credit losses are measured using a lifetime expected loss
allowance for all trade receivables and amounts due from customers
for contract work. Information about the Group\u2019s exposure to credit
risk and measurement of impairment losses for trade receivables is
included in Note 15.
Impairment of non-financial assets
Impairment exists when the carrying value of an asset or cash
generating unit exceeds its recoverable amount, which is the higher of
its fair value less costs of disposal and its value in use. The fair value
less costs of disposal calculation is based on available data from
binding sales transactions, conducted at arm\u2019s length for similar
assets less incremental costs for disposing of the asset. The value in
use calculation is based on a DCF model. The cash flows are derived
from the budget for the next five years and do not include
restructuring activities that the Group is not yet committed to or
significant future investments that will enhance the asset\u2019s
performance of the cash-generating-unit (CGU) being tested. The
recoverable amount is sensitive to the discount rate used for the DCF
model as well as the expected future cash-inflows and the growth rate
used for extrapolation purposes. The key assumptions to determine
whether an impairment is necessary or not are disclosed and further
explained in Note 12.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-239": {
"value": "Cash flow
The Company has chosen to prepare the statement of cash flows using
the indirect method, which presents cash flows from operating
activities as the income from continuing operations adjusted for non-
cash transactions, deferrals or accruals of past or future operating
cash receipts or payments, and items of income or expense
associated with investing or financing cash flows. Cash flows in
foreign currencies have been translated using weighted average
periodic exchange rates. Interest paid and interest received are
classified as operating cash flows. Lease payments for short-term
leases, lease payments for leases of low-value assets and variable lease
payments not included in the measurement of the lease liability are
classified as cash flows from operating activities.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-240": {
"value": "Revenue recognition
The Group recognises revenue from the following major sources:
\u2022Sales of electricity after the deduction of discounts and sales
taxes
\u2022Other revenues relating to charging such as service revenues
from maintaining and operating the stations for city or
provincial area authorities, and revenue from sales of
renewable energy units (hernieuwbare brandstofeenheden).
\u2022Revenue from construction service arrangements where
Fastned constructs, transfers and operates charging stations
for public sector bodies.
Sales of electricity
Fastned supplies electricity to owners of electric vehicles who use
either the Fastned app, a charge card, or credit/debit bank card.
Revenue is recognised when control of the electricity has transferred,
being at the point the customer charges at a Fastned station. Payment
of the transaction price is due according to the terms applying to the
payment method (Fastned app, charge card, bank card) used by the
customer purchasing the electricity. Price is allocated to each
individual charging transaction. Revenue from sale of electricity is
recognized at the point in time the customer has charged at a Fastned
station.
Fastned offers customers the choice of paying a standard price per
kWh, or subscribing to a Fastned price plan with a monthly fee and
reduced price per kWh. Monthly fee revenue is recognized in the
relevant calendar month.
Maintenance fees
Fastned operates and maintains chargers from Fastned Terra 1 B.V. and
three stations from the Municipality of The Hague in the first half of
2022. Performance obligations are satisfied by operating and
maintaining the stations and chargers. Fees are charged as set out in
the service contract. Prices are adjusted annually for inflation
indexation. Price is allocated over the period related to the
maintenance service contract. Maintenance fee revenue is recognised
over the time related to the associated performance obligation.
Sales of Renewable energy units
Fastned's policy is to sell renewable energy units in the same period as
the underlying kWh are sold to charging customers. Revenue is
recognised when when there is a sale agreement between Fastned and
buyer. Fastned satisfies its performance obligation by transferring the
promised goods (HBEs) to the purchaser. The price at which a HBE is
sold is dependent on the supply and demand of HBE credits to the
market.
Revenue from station construction as part of service concessions
Under certain contractual arrangements, Fastned constructs or
upgrades charging station infrastructure (construction or upgrade
services) used to provide a public service and operates and maintains
that charging station infrastructure (operation services) for a specified
period of time. Fastned satisfies its performance obligation by
transferring the ownership of charging stations to the customer.
Fastned charges the construction of charging stations according to
the terms in the contract. Fastned will recognize a contract asset for
any work performed. Any amount previously recognized as contract
asset is reclassified to trade receivables at the point at which it is
invoiced to the customer. If the payment exceeds the revenue
recognized to date under cost-to-cost method then the Group
recognizes a contract liability for the difference. Price is allocated
based on the percentage of completion of the construction contract.
Revenue from construction of charging stations is recognised over
time on a cost-to-cost method, i.e. based on the proportion of
contract costs incurred for work performed to date relative to the
estimated total contract costs. The directors consider that this input
method is an appropriate measure of the progress towards complete
satisfaction of these performance obligations under IFRS 15.
Deferred revenue
The Group operates a Founders club through which early large
investors in Fastned have the right to charge their EV\u2019s at Fastned for
free, i.e.. at a 100% discount on the regular price for the rest of their
lives. This right is a material right, and the promise to provide the 100%
discount to the Founders is therefore a separate future performance
obligation for which deferred income is recognised in the balance
sheet.
Fastned allocates the transaction price to the performance obligation
based on a relative stand-alone selling price basis, including an
estimate of the future performance required by the customer. Revenue
is recognized when electricity is supplied to the customer and the
performance obligation is satisfied.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-241": {
"value": "Sales of electricity after the deduction of discounts and sales taxes",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-242": {
"value": "
Maintenance fees
Fastned operates and maintains chargers from Fastned Terra 1 B.V. and
three stations from the Municipality of The Hague in the first half of
2022. Performance obligations are satisfied by operating and
maintaining the stations and chargers. Fees are charged as set out in
the service contract. Prices are adjusted annually for inflation
indexation. Price is allocated over the period related to the
maintenance service contract. Maintenance fee revenue is recognised
over the time related to the associated performance obligation.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-243": {
"value": "
Revenue from station construction as part of service concessions
Under certain contractual arrangements, Fastned constructs or
upgrades charging station infrastructure (construction or upgrade
services) used to provide a public service and operates and maintains
that charging station infrastructure (operation services) for a specified
period of time. Fastned satisfies its performance obligation by
transferring the ownership of charging stations to the customer.
Fastned charges the construction of charging stations according to
the terms in the contract. Fastned will recognize a contract asset for
any work performed. Any amount previously recognized as contract
asset is reclassified to trade receivables at the point at which it is
invoiced to the customer. If the payment exceeds the revenue
recognized to date under cost-to-cost method then the Group
recognizes a contract liability for the difference. Price is allocated
based on the percentage of completion of the construction contract.
Revenue from construction of charging stations is recognised over
time on a cost-to-cost method, i.e. based on the proportion of
contract costs incurred for work performed to date relative to the
estimated total contract costs. The directors consider that this input
method is an appropriate measure of the progress towards complete
satisfaction of these performance obligations under IFRS 15.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForServiceConcessionArrangementsExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-244": {
"value": "Leases (Group as lessee)
\u00a0 The Group assesses whether a contract is or contains a lease, at inception
of the contract. The Group recognises a right-of-use asset and a
corresponding lease liability with respect to all lease arrangements in
which it is the lessee, except for short-term leases (defined as leases
with a lease term of 12 months or less) and leases of low value assets
(such as office equipment). For these leases, the Group recognises the
lease payments as an operating expense on a straight-line basis over
the term of the lease unless another systematic basis is more
representative of the time pattern in which economic benefits from
the leased assets are consumed.
The lease liability is initially measured at the present value of the lease
payments that are not paid at the commencement date, discounted by
using the rate implicit in the lease. If this rate cannot be readily
determined, the Group uses its incremental borrowing rate.
Lease payments included in the measurement of the lease liability
comprise:
\u2022Fixed lease payments (including in-substance fixed
payments), less any lease incentives receivable;
\u2022Variable lease payments that depend on an index or rate,
initially measured using the index or rate at the
commencement date;
\u2022The amount expected to be payable by the lessee under
residual value guarantees;
\u2022The exercise price of purchase options, if the lessee is
reasonably certain to exercise the options; and
\u2022Payments of penalties for terminating the lease, if the lease
term reflects the exercise of an option to terminate the lease.
The lease liability is presented as a separate line in the consolidated
statement of financial position.
The lease liability is subsequently measured by increasing the carrying
amount to reflect interest on the lease liability (using the effective
interest method) and by reducing the carrying amount to reflect the
lease payments made.
The Group remeasures the lease liability (and makes a corresponding
adjustment to the related right-of-use asset) whenever:
\u2022The lease term has changed or there is a significant event or
change in circumstances resulting in a change in the
assessment of exercise of a purchase option, in which case the
lease liability is remeasured by discounting the revised lease
payments using a revised discount rate.
\u2022The lease payments change due to changes in an index or rate
or a change in expected payment under a guaranteed residual
value, in which cases the lease liability is remeasured by
discounting the revised lease payments using an unchanged
discount rate (unless the lease payments change is due to a
change in a floating interest rate, in which case a revised
discount rate is used).
\u2022A lease contract is modified and the lease modification is not
accounted for as a separate lease, in which case the lease
liability is remeasured based on the lease term of the modified
lease by discounting the revised lease payments using a
revised discount rate at the effective date of the modification.
The right-of-use assets comprise the initial measurement of the
corresponding lease liability, lease payments made at or before the
commencement day, less any lease incentives received and any initial
direct costs. They are subsequently measured at cost less
accumulated depreciation and impairment losses.
Whenever the Group incurs an obligation for costs to dismantle and
remove a leased asset, restore the site on which it is located or restore
the underlying asset to the condition required by the terms and
conditions of the lease, a provision is recognised and measured under
IAS 37. To the extent that the costs relate to a right-of-use asset, the
costs are included in the related right-of-use asset.
Right-of-use assets are depreciated over the shorter period of lease
term and useful life of the underlying asset. If a lease transfers
ownership of the underlying asset or the cost of the right-of-use asset
reflects that the Group expects to exercise a purchase option, the
related right-of-use asset is depreciated over the useful life of the
underlying asset. The depreciation starts at the commencement date
of the lease.
The right-of-use assets are presented as a separate line in the
consolidated statement of financial position.
The Group applies IAS 36 to determine whether a right-of-use asset is
impaired and accounts for any identified impairment loss as described
in the \u2018Property, Plant and Equipment\u2019 policy.
Variable rents that do not depend on an index or rate are not included
in the measurement of the lease liability and the right-of-use asset.
The related payments are recognised as an expense in the period in
which the event or condition that triggers those payments occurs and
are included in the line \u201cSelling and Distribution expenses\u201d in profit or
loss.
As a practical expedient, IFRS 16 permits a lessee not to separate non-
lease components, and instead account for any lease and associated
non-lease components as a single arrangement. Fastned has elected
to adopt this expedient for leases of transformers (where the lessor is
responsible for maintenance and repair services) and office leases
(including service costs).
f)Lease (Group as Lessor)
The Group enters into lease agreements as a lessor with respect to
parts of its charging stations for commercial spaces to retailers.
Leases for which the Group is a lessor are classified as finance or
operating leases. Whenever the terms of the lease transfer
substantially all the risks and rewards of ownership to the lease, the
contract is classified as a finance lease. All other are classified as
operating leases.
When the Group is an intermediate lessor, it accounts for the head
lease and the sub-lease as two separate contracts. The sub-lease is
classified as a finance or operating lease by reference to the right-of-
use asset arising from the head lease.
Rental income from operating leases is recognised on a straight-line
basis over the term of the relevant lease. Initial direct costs incurred in
negotiating and arranging an operating lease are added to the
carrying amount of the leased asset and recognised on a straight-line
basis over the lease term.
Amounts due from lessees under finance leases are recognised as
receivables at the amount of the Group\u2019s net investment in the leases.
Finance lease income is allocated to accounting periods so as to
reflect a constant periodic rate of return on the Group\u2019s net
investment outstanding in respect of the leases.
Subsequent to initial recognition, the Group regularly reviews the
estimated unguaranteed residual value and applies the impairment
requirements of IFRS 9, recognising an allowance for expected credit
losses on the lease receivables.
Finance lease income is calculated with reference to the gross carrying
amount of the lease receivables, except for credit-impaired financial
assets for which interest income is calculated with reference to their
amortised cost (i.e. after a deduction of the loss of allowance.
When a contract includes both lease and non-lease components, the
Group applies IFRS 15 to allocate the consideration under the contract
to each component.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-245": {
"value": "
Right-of-use assets are depreciated over the shorter period of lease
term and useful life of the underlying asset. If a lease transfers
ownership of the underlying asset or the cost of the right-of-use asset
reflects that the Group expects to exercise a purchase option, the
related right-of-use asset is depreciated over the useful life of the
underlying asset. The depreciation starts at the commencement date
of the lease
Plant, machinery, fixtures and fittings are stated at cost less
accumulated depreciation and accumulated impairment loss.
Depreciation is recognised so as to write off the cost or valuation of
assets (other than freehold land and properties under construction)
less their residual values over their useful lives, using the straight-line
method, on the following bases:
| |
Charging stations and technical installations | 6.66% per year/ 15 year or 12.5% per year/ 8 years |
| |
| |
The estimated useful lives, residual values and depreciation method
are reviewed at the end of each reporting period, with the effect of any
changes in estimate accounted for on a prospective basis.
Right-of-use assets are depreciated over the shorter period of the
lease term and the useful life of the underlying asset. If a lease
transfers ownership of the underlying asset or the cost of the right-of-
use asset reflects that the Group expects to exercise a purchase
option, the related right-of-use asset is depreciated over the useful
life of the underlying asset.
Property, plant and equipment \u2013 depreciation and expected useful
lives
To determine the useful life of assets, estimates and assumptions are
required. Management used market data, supplier specifications and
its experience with the equipment to establish these estimates.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-246": {
"value": "Foreign currencies
Items included in the financial statements of each of the group\u2019s
entities are measured using the currency of the primary economic
environment in which the entity operates (\u2018the functional currency\u2019).
The consolidated financial statements are presented in Euro's, which
is Fastned B.V.'s functional and presentation currency.
In preparing the financial statements of the Group entities,
transactions in currencies other than the entity\u2019s functional currency
(foreign currencies) are recognised at the rates of exchange prevailing
on the dates of the transactions. At each reporting date, monetary
assets and liabilities that are denominated in foreign currencies are
retranslated at the rates prevailing at that date. Exchange differences
from monetary items as part of reporting entity's net investment in
foreign operation and denominated in the functional currency, are
recognised in other comprehensive income in the consolidated
financial statements. Non-monetary items carried at fair value that are
denominated in foreign currencies are translated at the rates
prevailing at the date when the fair value was determined. Non-
monetary items that are measured in terms of historical cost in a
foreign currency are not retranslated. Exchange differences are
recognised in profit or loss in the period in which they arise.
For the purpose of presenting consolidated financial statements, the
assets and liabilities of the Group\u2019s foreign operations are translated
at exchange rates prevailing on the reporting date. Income and
expense items are translated at the average exchange rates for the
period, unless exchange rates fluctuate significantly during that
period, in which case the exchange rates at the date of transactions
are used. Exchange differences arising, if any, are recognised in other
comprehensive income and accumulated in a foreign exchange
translation reserve (attributed to non-controlling interests as
appropriate).
On the disposal of a foreign operation (i.e. a disposal of the Group\u2019s
entire interest in a foreign operation, or a disposal involving loss of
control over a subsidiary that includes a foreign operation or a partial
disposal of an interest in a joint arrangement or an associate that
includes a foreign operation of which the retained interest becomes a
financial asset), all of the exchange differences accumulated in a
foreign exchange translation reserve in respect of that operation
attributable to the owners of the company are reclassified to profit or
loss.
In addition, in relation to a partial disposal of a subsidiary that includes
a foreign operation that does not result in the Group losing control
over the subsidiary, the proportionate share of accumulated exchange
differences are re-attributed to non-controlling interests and are not
recognised in profit or loss. For all other partial disposals (i.e. partial
disposals of associates or joint arrangements that do not result in the
Group losing significant influence or joint control), the proportionate
share of the accumulated exchange differences is reclassified to profit
or loss.
Goodwill and fair value adjustments arising on the acquisition of a
foreign entity are treated as assets and liabilities of the foreign entity
and translated at the closing rate. Exchange differences arising are
recognised in other comprehensive income.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-247": {
"value": "
Items included in the financial statements of each of the group\u2019s
entities are measured using the currency of the primary economic
environment in which the entity operates (\u2018the functional currency\u2019).
The consolidated financial statements are presented in Euro's, which
is Fastned B.V.'s functional and presentation currency.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-248": {
"value": "Borrowing costs
Borrowing costs directly attributable to the acquisition, construction
or production of qualifying assets, which are assets that necessarily
take a substantial period of time to get ready for their intended use or
sale, are added to the cost of those assets, until such time as the
assets are substantially ready for their intended use or sale.
All other borrowing costs are recognised in profit or loss in the period
in which they are incurred.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-249": {
"value": "Government grants
Government grants are not recognised until there is reasonable
assurance that the Group will comply with the conditions attaching to
them and that the grants will be received.
Government grants are recognised in profit or loss on a systematic
basis over the periods in which the Group recognises as expenses the
related costs for which the grants are intended to compensate.
Specifically, government grants whose primary condition is that the
Group should purchase, construct or otherwise acquire non-current
assets (including property, plant and equipment) are recognised
within property, plant and equipment in the consolidated statement of
financial position and transferred to profit or loss on a systematic and
rational basis over the useful lives of the related assets.
Government grants that are receivable as compensation for expenses
or losses already incurred or for the purpose of giving immediate
financial support to the Group with no future related costs are
recognised in profit or loss in the period in which they become
receivable.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-250": {
"value": "Retirement and termination benefit costs
Payments to defined contribution retirement benefit plans are
recognised as an expense when employees have rendered service
entitling them to the contributions. Payments made to state-managed
retirement benefit plans are accounted for as payments to defined
contribution plans where the Group\u2019s obligations under the plans are
equivalent to those arising in a defined contribution retirement
benefit plan.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-251": {
"value": "Retirement and termination benefit costs
Payments to defined contribution retirement benefit plans are
recognised as an expense when employees have rendered service
entitling them to the contributions. Payments made to state-managed
retirement benefit plans are accounted for as payments to defined
contribution plans where the Group\u2019s obligations under the plans are
equivalent to those arising in a defined contribution retirement
benefit plan.
Short-term and other long-term employee benefits
A liability is recognised for benefits accruing to employees in respect
of wages and salaries, annual leave and sick leave in the period the
related service is rendered at the undiscounted amount of the benefits
expected to be paid in exchange for that service.
Liabilities recognised in respect of short-term employee benefits are
measured at the undiscounted amount of the benefits expected to be
paid in exchange for the related service.
Liabilities recognised in respect of other long-term employee benefits
are measured at the present value of the estimated future cash
outflows expected to be made by the Group in respect of services
provided by employees up to the reporting date.
Share-based payments
Share-based payment transactions of the Group
Equity-settled share-based payments to employees and others
providing similar services are measured at the fair value of the equity
instruments at the grant date. The fair value excludes the effect of
non-market-based vesting conditions. Details regarding the
determination of the fair value of equity-settled share-based
transactions are set out in note 22.
The fair value determined at the grant date of the equity-settled share-
based payments is expensed on a straight-line basis over the vesting
period, based on the Group\u2019s estimate of the number of equity
instruments that will eventually vest. At each reporting date, the Group
revises its estimate of the number of equity instruments expected to
vest as a result of the effect of non-market-based vesting conditions.
The impact of the revision of the original estimates, if any, is
recognised in profit or loss such that the cumulative expense reflects
the revised estimate, with a corresponding adjustment to reserves
Share-based compensation
We use the fair value method of accounting for share options granted
to employees to measure the cost of employee services received in
exchange for the stock-based awards. The fair value of stock option
awards is estimated using the Hull-White option-pricing model, see
note 22. The option-pricing model requires inputs such as the risk-
free interest rate, expected term and expected volatility. These inputs
are subjective and generally require significant judgment.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-252": {
"value": "Taxation
The income tax expense represents the sum of the tax currently
payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
Taxable profit differs from net profit as reported in profit or loss
because it excludes items of income or expense that are taxable or
deductible in other years and it further excludes items that are never
taxable or deductible. The Group\u2019s liability for current tax is calculated
using tax rates that have been enacted or substantively enacted by the
end of the reporting period.
A provision is recognised for those matters for which the tax
determination is uncertain but it is considered probable that there will
be a future outflow of funds to a tax authority. The provisions are
measured at the best estimate of the amount expected to become
payable. The assessment is based on the judgement of tax
professionals within the Company supported by previous experience
in respect of such activities and in certain cases based on specialist
independent tax advice.
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on
differences between the carrying amounts of assets and liabilities in
the financial statements and the corresponding tax bases used in the
computation of taxable profit, and is accounted for using the liability
method. Deferred tax liabilities are generally recognised for all taxable
temporary differences and deferred tax assets are recognised to the
extent that it is probable that taxable profits will be available against
which deductible temporary differences can be utilised. Such assets
and liabilities are not recognised if the temporary difference arises
from the initial recognition of goodwill or from the initial recognition
(other than in a business combination) of other assets and liabilities in
a transaction that affects neither the taxable profit nor the accounting
profit. In addition, a deferred tax liability is not recognised if the
temporary difference arises from the initial recognition of goodwill.
Deferred tax liabilities are recognised for taxable temporary
differences arising on investments in subsidiaries and associates, and
interests in joint ventures, except where the Group is able to control
the reversal of the temporary difference and it is probable that the
temporary difference will not reverse in the foreseeable future.
Deferred tax assets arising from deductible temporary differences
associated with such investments and interests are only recognised to
the extent that it is probable that there will be sufficient taxable profits
against which to utilise the benefits of the temporary differences and
they are expected to reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each
reporting date and reduced to the extent that it is no longer probable
that sufficient taxable profits will be available to allow all or part of the
asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in
the period when the liability is settled or the asset is realised based on
tax laws and rates that have been enacted or substantively enacted at
the reporting date.
The measurement of deferred tax liabilities and assets reflects the tax
consequences that would follow from the manner in which the Group
expects, at the end of the reporting period, to recover or settle the
carrying amount of its assets and liabilities.
Deferred tax assets and liabilities are offset when there is a legally
enforceable right to set off current tax assets against current tax
liabilities and when they relate to income taxes levied by the same
taxation authority and the Group intends to settle its current tax
assets and liabilities on a net basis.
Where tax treatments are uncertain, if it is considered probable that a
taxation authority will accept the group's proposed tax treatment,
income taxes are recognized consistent with the group's income tax
filings. If it is not considered probable, the uncertainty is reflected
within the carrying amount of the applicable tax asset or liability using
either the most likely amount or an expected value, depending on
which method better predicts the resolution of the uncertainty.
Current tax and deferred tax for the year
Current and deferred tax are recognised in profit or loss, except when
they relate to items that are recognised in other comprehensive
income or directly in equity, in which case, the current and deferred
tax are also recognised in other comprehensive income or directly in
equity respectively. Where current tax or deferred tax arises from the
initial accounting for a business combination, the tax effect is
included in the accounting for the business combination.
Taxes
Deferred tax assets are recognised for unused tax losses to the extent
that it is probable that taxable profit will be available against which the
losses can be utilised. Significant management judgement is required
to determine the amount of deferred tax assets that can be
recognised, based upon the likely timing and the level of future taxable
profits together with future tax planning strategies.
At year-end 2022, the Group has \u20ac21.1 million (2021: \u20ac41.4 million) of
tax losses in the Netherlands which are available for offsetting against
future taxable profits in the period 2022-2028, and \u20ac 25.6 million of
tax losses (2021: \u20ac11.6 million) arising in other countries. In addition,
the Group has \u20ac40.5 million of unrecognised temporary differences.
Due to uncertainty about size and timing of future profits the directors
have determined not to recognise deferred tax assets on the tax
losses carried forward.
If the Group would recognise all unrecognised deferred tax assets,
profit and equity would have increased by approximately \u20ac11.3 million
depending on the timing of the utilisation of the tax losses. Further
details on taxes are disclosed in Note 9.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-253": {
"value": "
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on
differences between the carrying amounts of assets and liabilities in
the financial statements and the corresponding tax bases used in the
computation of taxable profit, and is accounted for using the liability
method. Deferred tax liabilities are generally recognised for all taxable
temporary differences and deferred tax assets are recognised to the
extent that it is probable that taxable profits will be available against
which deductible temporary differences can be utilised. Such assets
and liabilities are not recognised if the temporary difference arises
from the initial recognition of goodwill or from the initial recognition
(other than in a business combination) of other assets and liabilities in
a transaction that affects neither the taxable profit nor the accounting
profit. In addition, a deferred tax liability is not recognised if the
temporary difference arises from the initial recognition of goodwill.
Deferred tax liabilities are recognised for taxable temporary
differences arising on investments in subsidiaries and associates, and
interests in joint ventures, except where the Group is able to control
the reversal of the temporary difference and it is probable that the
temporary difference will not reverse in the foreseeable future.
Deferred tax assets arising from deductible temporary differences
associated with such investments and interests are only recognised to
the extent that it is probable that there will be sufficient taxable profits
against which to utilise the benefits of the temporary differences and
they are expected to reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each
reporting date and reduced to the extent that it is no longer probable
that sufficient taxable profits will be available to allow all or part of the
asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in
the period when the liability is settled or the asset is realised based on
tax laws and rates that have been enacted or substantively enacted at
the reporting date.
The measurement of deferred tax liabilities and assets reflects the tax
consequences that would follow from the manner in which the Group
expects, at the end of the reporting period, to recover or settle the
carrying amount of its assets and liabilities.
Deferred tax assets and liabilities are offset when there is a legally
enforceable right to set off current tax assets against current tax
liabilities and when they relate to income taxes levied by the same
taxation authority and the Group intends to settle its current tax
assets and liabilities on a net basis.
Where tax treatments are uncertain, if it is considered probable that a
taxation authority will accept the group's proposed tax treatment,
income taxes are recognized consistent with the group's income tax
filings. If it is not considered probable, the uncertainty is reflected
within the carrying amount of the applicable tax asset or liability using
either the most likely amount or an expected value, depending on
which method better predicts the resolution of the uncertainty.
Current tax and deferred tax for the year
Current and deferred tax are recognised in profit or loss, except when
they relate to items that are recognised in other comprehensive
income or directly in equity, in which case, the current and deferred
tax are also recognised in other comprehensive income or directly in
equity respectively. Where current tax or deferred tax arises from the
initial accounting for a business combination, the tax effect is
included in the accounting for the business combination.
Taxes
Deferred tax assets are recognised for unused tax losses to the extent
that it is probable that taxable profit will be available against which the
losses can be utilised. Significant management judgement is required
to determine the amount of deferred tax assets that can be
recognised, based upon the likely timing and the level of future taxable
profits together with future tax planning strategies.
At year-end 2022, the Group has \u20ac21.1 million (2021: \u20ac41.4 million) of
tax losses in the Netherlands which are available for offsetting against
future taxable profits in the period 2022-2028, and \u20ac 25.6 million of
tax losses (2021: \u20ac11.6 million) arising in other countries. In addition,
the Group has \u20ac40.5 million of unrecognised temporary differences.
Due to uncertainty about size and timing of future profits the directors
have determined not to recognise deferred tax assets on the tax
losses carried forward.
If the Group would recognise all unrecognised deferred tax assets,
profit and equity would have increased by approximately \u20ac11.3 million
depending on the timing of the utilisation of the tax losses. Further
details on taxes are disclosed in Note 9.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-254": {
"value": "Property, plant and equipment
Plant, machinery, fixtures and fittings are stated at cost less
accumulated depreciation and accumulated impairment loss.
Depreciation is recognised so as to write off the cost or valuation of
assets (other than freehold land and properties under construction)
less their residual values over their useful lives, using the straight-line
method, on the following bases:
| |
Charging stations and technical installations | 6.66% per year/ 15 year or 12.5% per year/ 8 years |
| |
| |
The estimated useful lives, residual values and depreciation method
are reviewed at the end of each reporting period, with the effect of any
changes in estimate accounted for on a prospective basis.
Right-of-use assets are depreciated over the shorter period of the
lease term and the useful life of the underlying asset. If a lease
transfers ownership of the underlying asset or the cost of the right-of-
use asset reflects that the Group expects to exercise a purchase
option, the related right-of-use asset is depreciated over the useful
life of the underlying asset.
An item of property, plant and equipment is derecognised upon
disposal or when no future economic benefits are expected to arise
from the continued use of the asset. The gain or loss arising on the
disposal or retirement of an asset is determined as the difference
between the sales proceeds and the carrying amount of the asset and
is recognised in profit or loss.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-255": {
"value": "Intangible assets acquired separately
Intangible assets with finite useful lives that are acquired separately
are carried at cost less accumulated amortisation and accumulated
impairment losses. Amortisation is recognised on a straight-line basis
over their estimated useful lives. The estimated useful life and
amortisation method are reviewed at the end of each reporting period,
with the effect of any changes in estimate being accounted for on a
prospective basis. Intangible assets with indefinite useful lives that are
acquired separately are carried at cost less accumulated impairment
losses.
o)Internally-generated intangible assets \u2013 software
development expenditure
Expenditure on software development activities is recognised as an
expense in the period in which it is incurred.
An internally-generated intangible asset arising from development (or
from the development phase of an internal project) is recognised if,
and only if, all of the following conditions have been demonstrated:
\u2022the technical feasibility of completing the intangible asset so
that it will be available for use or sale;
\u2022the intention to complete the intangible asset and use or sell
it;
\u2022the ability to use or sell the intangible asset;
\u2022how the intangible asset will generate probable future
economic benefits;
\u2022the availability of adequate technical, financial and other
resources to complete the development and to use or sell the
intangible asset; and
\u2022the ability to measure reliably the expenditure attributable to
the intangible asset during its development.
The amount initially recognised for internally-generated intangible
assets is the sum of the expenditure incurred from the date when the
intangible asset first meets the recognition criteria listed above.
Where no internally-generated intangible asset can be recognised,
development expenditure is recognised in profit or loss in the period
in which it is incurred.
Subsequent to initial recognition, internally-generated intangible
assets are reported at cost less accumulated amortisation and
accumulated impairment losses, on the same basis as intangible
assets that are acquired separately.
In accordance with the Dutch Civil Code and statutory requirements in
other countries, legal reserves have to be established in certain
circumstances. The Group has a legal reserve for its internally-
generated software. Legal reserves are not available for distribution to
the Group\u2019s shareholders.
p)Derecognition of intangible assets
An intangible asset is derecognised on disposal, or when no future
economic benefits are expected from use or disposal. Gains or losses
arising from derecognition of an intangible asset, measured as the
difference between the net disposal proceeds and the carrying
amount of the asset, are recognised in profit or loss when the asset is
derecognised.
Capitalisation of internally developed software
Distinguishing the research and development phases of software
projects and determining whether the recognition requirements for
the capitalisation of its development costs are met requires
judgement. After capitalisation, management monitors whether the
recognition requirements continue to be met and whether there are
any indicators that capitalised costs may be impaired.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-256": {
"value": "Intangible assets acquired separately
Intangible assets with finite useful lives that are acquired separately
are carried at cost less accumulated amortisation and accumulated
impairment losses. Amortisation is recognised on a straight-line basis
over their estimated useful lives. The estimated useful life and
amortisation method are reviewed at the end of each reporting period,
with the effect of any changes in estimate being accounted for on a
prospective basis. Intangible assets with indefinite useful lives that are
acquired separately are carried at cost less accumulated impairment
losses.
o)Internally-generated intangible assets \u2013 software
development expenditure
Expenditure on software development activities is recognised as an
expense in the period in which it is incurred.
An internally-generated intangible asset arising from development (or
from the development phase of an internal project) is recognised if,
and only if, all of the following conditions have been demonstrated:
\u2022the technical feasibility of completing the intangible asset so
that it will be available for use or sale;
\u2022the intention to complete the intangible asset and use or sell
it;
\u2022the ability to use or sell the intangible asset;
\u2022how the intangible asset will generate probable future
economic benefits;
\u2022the availability of adequate technical, financial and other
resources to complete the development and to use or sell the
intangible asset; and
\u2022the ability to measure reliably the expenditure attributable to
the intangible asset during its development.
The amount initially recognised for internally-generated intangible
assets is the sum of the expenditure incurred from the date when the
intangible asset first meets the recognition criteria listed above.
Where no internally-generated intangible asset can be recognised,
development expenditure is recognised in profit or loss in the period
in which it is incurred.
Subsequent to initial recognition, internally-generated intangible
assets are reported at cost less accumulated amortisation and
accumulated impairment losses, on the same basis as intangible
assets that are acquired separately.
In accordance with the Dutch Civil Code and statutory requirements in
other countries, legal reserves have to be established in certain
circumstances. The Group has a legal reserve for its internally-
generated software. Legal reserves are not available for distribution to
the Group\u2019s shareholders.
p)Derecognition of intangible assets
An intangible asset is derecognised on disposal, or when no future
economic benefits are expected from use or disposal. Gains or losses
arising from derecognition of an intangible asset, measured as the
difference between the net disposal proceeds and the carrying
amount of the asset, are recognised in profit or loss when the asset is
derecognised.
Capitalisation of internally developed software
Distinguishing the research and development phases of software
projects and determining whether the recognition requirements for
the capitalisation of its development costs are met requires
judgement. After capitalisation, management monitors whether the
recognition requirements continue to be met and whether there are
any indicators that capitalised costs may be impaired.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-257": {
"value": "Financial instruments
Financial assets - Classification and measurement
The Group classifies its financial assets in the following measurement
categories:
\u2022those to be measured subsequently at fair value (either
through OCI or through profit or loss)
\u2022those to be measured at amortised cost.
The classification depends on the entity\u2019s business model for
managing the financial assets and the contractual terms of the cash
flows.
Financial assets - Recognition and derecognition
Regular purchases and sales of financial assets are recognised on the
trade-date, the date on which the Group commits to purchase or sell
the asset. Financial assets are derecognised when the rights to receive
cash flows from the financial assets have expired or have been
transferred and the Group has transferred substantially all the risks
and rewards of ownership.
Financial assets - Measurements
At initial recognition the Group measures a financial asset at its fair
value plus, in the case of a financial asset not at fair value through
profit or loss, transaction costs that are directly attributable to the
acquisition of the financial asset. Transaction costs of financial assets
carried at fair value through profit or loss are expensed in profit or
loss.
Debt instruments
Subsequent measurement of debt instruments depends on the
Group\u2019s business model for managing the asset and the cash flow
characteristics of the asset. There are three measurement categories
into which the Group classifies its debt instruments:
\u2022Amortised cost
\u2022Fair value through profit or loss
\u2022Fair value through other comprehensive income.
The Group only has financial assets at amortised cost and makes no
use of derivative financial instruments.
Amortised cost
Assets that are held for collection of contractual cash flows where
those cash flows represent solely payments of principal and interest
are measured at amortised cost. Interest income from these financial
assets is included in finance income using the effective interest rate
method. Any gain or loss arising on derecognition is recognised
directly in profit or loss and presented in other gains/losses together
with foreign exchange gains and losses.
Financial assets - Impairment
The Group assesses on a forward looking basis the expected credit
losses associated with its debt instruments carried at amortised cost.
The Group has no trade receivables nor amounts due from customers
for contract work including a significant finance component and is
therefore required to apply the simplified approach under IFRS 9, in
which the credit losses are measured using a lifetime expected loss
allowance for all trade receivables and amounts due from customers
for contract work. Information about the Group\u2019s exposure to credit
risk and measurement of impairment losses for trade receivables is
included in Note 15.
Financial liabilities - Recognition and measurement
Financial liabilities are recognised when the Group becomes a party to
the contractual provisions of the financial instrument.
The Group has financial liabilities measured at amortised cost. The
Group may also issue financial guarantees, see below; it makes no use
of other types of derivative financial instruments.
Financial liabilities at amortised cost
Financial liabilities at amortised cost include trade and other payables
and long-term debt. Trade and other payables and long-term debt are
initially recognised at fair value equalling the amount required to be
paid, less, when material, a discount to reduce the payables to fair
value. Subsequently, trade and other payables and long-term debt are
measured at amortised cost using the effective interest method. Trade
and other payables are classified as current liabilities due to their short
term nature, except for maturities greater than 12 months after the end
of the reporting period. These are classified as non-current liabilities.
Financial liabilities - Derecognition
The Group derecognises a financial liability when its contractual
obligations are discharged or cancelled, or expire. On derecognition
of a financial liability, the difference between the carrying amount
extinguished and the consideration paid (including any non-cash
assets transferred or liabilities assumed) is recognised in the income
statement.
The Group also derecognises a financial liability when its terms are
modified and the cash flows of the modified liability are substantially
different, in which case a new financial liability based on the modified
terms is recognised at fair value. However, when the cash flows of the
modified liability are not substantially different, the Group (i)
recalculates the amortised cost of the modified financial liability by
discounting the modified contractual cash flows using the original
effective interest rate and (ii) recognises any adjustment in the income
statement.
Financial guarantees
Financial guarantee contracts are recognised as a financial liability at
the time the guarantee is issued. The liability is initially measured at
fair value and subsequently at the higher of:
\u2022the amount determined in accordance with the expected
credit loss model under IFRS 9 Financial Instruments, and
\u2022the amount initially recognised less, where appropriate, the
cumulative amount of income recognised in accordance with
the principles of IFRS 15 Revenue from Contracts with
Customers.
The fair value of financial guarantees is determined based on the
present value of the difference in cash flows between the contractual
payments required under the debt instrument and the payments that
would be required without the guarantee, or the estimated amount
that would be payable to a third party for assuming the obligations.
Where guarantees in relation to loans or other payables of associates
are provided for no compensation, the fair values are accounted for as
contributions and recognised as part of the cost of the investment.
Offsetting financial instruments
Financial assets and liabilities are offset and the net amount reported
in the balance sheet when there is a legally enforceable right to offset
the recognised amounts and there is an intention to settle on a net
basis or realise the asset and settle the liability simultaneously. The
Group and its counterparties do not have any legally enforceable right
to offset the recognised amounts in the balance sheet.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-258": {
"value": "Financial instruments
Financial assets - Classification and measurement
The Group classifies its financial assets in the following measurement
categories:
\u2022those to be measured subsequently at fair value (either
through OCI or through profit or loss)
\u2022those to be measured at amortised cost.
The classification depends on the entity\u2019s business model for
managing the financial assets and the contractual terms of the cash
flows.
Financial assets - Recognition and derecognition
Regular purchases and sales of financial assets are recognised on the
trade-date, the date on which the Group commits to purchase or sell
the asset. Financial assets are derecognised when the rights to receive
cash flows from the financial assets have expired or have been
transferred and the Group has transferred substantially all the risks
and rewards of ownership.
Financial assets - Measurements
At initial recognition the Group measures a financial asset at its fair
value plus, in the case of a financial asset not at fair value through
profit or loss, transaction costs that are directly attributable to the
acquisition of the financial asset. Transaction costs of financial assets
carried at fair value through profit or loss are expensed in profit or
loss.
Debt instruments
Subsequent measurement of debt instruments depends on the
Group\u2019s business model for managing the asset and the cash flow
characteristics of the asset. There are three measurement categories
into which the Group classifies its debt instruments:
\u2022Amortised cost
\u2022Fair value through profit or loss
\u2022Fair value through other comprehensive income.
The Group only has financial assets at amortised cost and makes no
use of derivative financial instruments.
Amortised cost
Assets that are held for collection of contractual cash flows where
those cash flows represent solely payments of principal and interest
are measured at amortised cost. Interest income from these financial
assets is included in finance income using the effective interest rate
method. Any gain or loss arising on derecognition is recognised
directly in profit or loss and presented in other gains/losses together
with foreign exchange gains and losses.
Financial assets - Impairment
The Group assesses on a forward looking basis the expected credit
losses associated with its debt instruments carried at amortised cost.
The Group has no trade receivables nor amounts due from customers
for contract work including a significant finance component and is
therefore required to apply the simplified approach under IFRS 9, in
which the credit losses are measured using a lifetime expected loss
allowance for all trade receivables and amounts due from customers
for contract work. Information about the Group\u2019s exposure to credit
risk and measurement of impairment losses for trade receivables is
included in Note 15.
Financial liabilities - Recognition and measurement
Financial liabilities are recognised when the Group becomes a party to
the contractual provisions of the financial instrument.
The Group has financial liabilities measured at amortised cost. The
Group may also issue financial guarantees, see below; it makes no use
of other types of derivative financial instruments.
Financial liabilities at amortised cost
Financial liabilities at amortised cost include trade and other payables
and long-term debt. Trade and other payables and long-term debt are
initially recognised at fair value equalling the amount required to be
paid, less, when material, a discount to reduce the payables to fair
value. Subsequently, trade and other payables and long-term debt are
measured at amortised cost using the effective interest method. Trade
and other payables are classified as current liabilities due to their short
term nature, except for maturities greater than 12 months after the end
of the reporting period. These are classified as non-current liabilities.
Financial liabilities - Derecognition
The Group derecognises a financial liability when its contractual
obligations are discharged or cancelled, or expire. On derecognition
of a financial liability, the difference between the carrying amount
extinguished and the consideration paid (including any non-cash
assets transferred or liabilities assumed) is recognised in the income
statement.
The Group also derecognises a financial liability when its terms are
modified and the cash flows of the modified liability are substantially
different, in which case a new financial liability based on the modified
terms is recognised at fair value. However, when the cash flows of the
modified liability are not substantially different, the Group (i)
recalculates the amortised cost of the modified financial liability by
discounting the modified contractual cash flows using the original
effective interest rate and (ii) recognises any adjustment in the income
statement.
Financial guarantees
Financial guarantee contracts are recognised as a financial liability at
the time the guarantee is issued. The liability is initially measured at
fair value and subsequently at the higher of:
\u2022the amount determined in accordance with the expected
credit loss model under IFRS 9 Financial Instruments, and
\u2022the amount initially recognised less, where appropriate, the
cumulative amount of income recognised in accordance with
the principles of IFRS 15 Revenue from Contracts with
Customers.
The fair value of financial guarantees is determined based on the
present value of the difference in cash flows between the contractual
payments required under the debt instrument and the payments that
would be required without the guarantee, or the estimated amount
that would be payable to a third party for assuming the obligations.
Where guarantees in relation to loans or other payables of associates
are provided for no compensation, the fair values are accounted for as
contributions and recognised as part of the cost of the investment.
Offsetting financial instruments
Financial assets and liabilities are offset and the net amount reported
in the balance sheet when there is a legally enforceable right to offset
the recognised amounts and there is an intention to settle on a net
basis or realise the asset and settle the liability simultaneously. The
Group and its counterparties do not have any legally enforceable right
to offset the recognised amounts in the balance sheet.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-259": {
"value": "Financial instruments
Financial assets - Classification and measurement
The Group classifies its financial assets in the following measurement
categories:
\u2022those to be measured subsequently at fair value (either
through OCI or through profit or loss)
\u2022those to be measured at amortised cost.
The classification depends on the entity\u2019s business model for
managing the financial assets and the contractual terms of the cash
flows.
Financial assets - Recognition and derecognition
Regular purchases and sales of financial assets are recognised on the
trade-date, the date on which the Group commits to purchase or sell
the asset. Financial assets are derecognised when the rights to receive
cash flows from the financial assets have expired or have been
transferred and the Group has transferred substantially all the risks
and rewards of ownership.
Financial assets - Measurements
At initial recognition the Group measures a financial asset at its fair
value plus, in the case of a financial asset not at fair value through
profit or loss, transaction costs that are directly attributable to the
acquisition of the financial asset. Transaction costs of financial assets
carried at fair value through profit or loss are expensed in profit or
loss.
Debt instruments
Subsequent measurement of debt instruments depends on the
Group\u2019s business model for managing the asset and the cash flow
characteristics of the asset. There are three measurement categories
into which the Group classifies its debt instruments:
\u2022Amortised cost
\u2022Fair value through profit or loss
\u2022Fair value through other comprehensive income.
The Group only has financial assets at amortised cost and makes no
use of derivative financial instruments.
Amortised cost
Assets that are held for collection of contractual cash flows where
those cash flows represent solely payments of principal and interest
are measured at amortised cost. Interest income from these financial
assets is included in finance income using the effective interest rate
method. Any gain or loss arising on derecognition is recognised
directly in profit or loss and presented in other gains/losses together
with foreign exchange gains and losses.
Financial assets - Impairment
The Group assesses on a forward looking basis the expected credit
losses associated with its debt instruments carried at amortised cost.
The Group has no trade receivables nor amounts due from customers
for contract work including a significant finance component and is
therefore required to apply the simplified approach under IFRS 9, in
which the credit losses are measured using a lifetime expected loss
allowance for all trade receivables and amounts due from customers
for contract work. Information about the Group\u2019s exposure to credit
risk and measurement of impairment losses for trade receivables is
included in Note 15.
Financial liabilities - Recognition and measurement
Financial liabilities are recognised when the Group becomes a party to
the contractual provisions of the financial instrument.
The Group has financial liabilities measured at amortised cost. The
Group may also issue financial guarantees, see below; it makes no use
of other types of derivative financial instruments.
Financial liabilities at amortised cost
Financial liabilities at amortised cost include trade and other payables
and long-term debt. Trade and other payables and long-term debt are
initially recognised at fair value equalling the amount required to be
paid, less, when material, a discount to reduce the payables to fair
value. Subsequently, trade and other payables and long-term debt are
measured at amortised cost using the effective interest method. Trade
and other payables are classified as current liabilities due to their short
term nature, except for maturities greater than 12 months after the end
of the reporting period. These are classified as non-current liabilities.
Financial liabilities - Derecognition
The Group derecognises a financial liability when its contractual
obligations are discharged or cancelled, or expire. On derecognition
of a financial liability, the difference between the carrying amount
extinguished and the consideration paid (including any non-cash
assets transferred or liabilities assumed) is recognised in the income
statement.
The Group also derecognises a financial liability when its terms are
modified and the cash flows of the modified liability are substantially
different, in which case a new financial liability based on the modified
terms is recognised at fair value. However, when the cash flows of the
modified liability are not substantially different, the Group (i)
recalculates the amortised cost of the modified financial liability by
discounting the modified contractual cash flows using the original
effective interest rate and (ii) recognises any adjustment in the income
statement.
Financial guarantees
Financial guarantee contracts are recognised as a financial liability at
the time the guarantee is issued. The liability is initially measured at
fair value and subsequently at the higher of:
\u2022the amount determined in accordance with the expected
credit loss model under IFRS 9 Financial Instruments, and
\u2022the amount initially recognised less, where appropriate, the
cumulative amount of income recognised in accordance with
the principles of IFRS 15 Revenue from Contracts with
Customers.
The fair value of financial guarantees is determined based on the
present value of the difference in cash flows between the contractual
payments required under the debt instrument and the payments that
would be required without the guarantee, or the estimated amount
that would be payable to a third party for assuming the obligations.
Where guarantees in relation to loans or other payables of associates
are provided for no compensation, the fair values are accounted for as
contributions and recognised as part of the cost of the investment.
Offsetting financial instruments
Financial assets and liabilities are offset and the net amount reported
in the balance sheet when there is a legally enforceable right to offset
the recognised amounts and there is an intention to settle on a net
basis or realise the asset and settle the liability simultaneously. The
Group and its counterparties do not have any legally enforceable right
to offset the recognised amounts in the balance sheet.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-260": {
"value": "Financial instruments
Financial assets - Classification and measurement
The Group classifies its financial assets in the following measurement
categories:
\u2022those to be measured subsequently at fair value (either
through OCI or through profit or loss)
\u2022those to be measured at amortised cost.
The classification depends on the entity\u2019s business model for
managing the financial assets and the contractual terms of the cash
flows.
Financial assets - Recognition and derecognition
Regular purchases and sales of financial assets are recognised on the
trade-date, the date on which the Group commits to purchase or sell
the asset. Financial assets are derecognised when the rights to receive
cash flows from the financial assets have expired or have been
transferred and the Group has transferred substantially all the risks
and rewards of ownership.
Financial assets - Measurements
At initial recognition the Group measures a financial asset at its fair
value plus, in the case of a financial asset not at fair value through
profit or loss, transaction costs that are directly attributable to the
acquisition of the financial asset. Transaction costs of financial assets
carried at fair value through profit or loss are expensed in profit or
loss.
Debt instruments
Subsequent measurement of debt instruments depends on the
Group\u2019s business model for managing the asset and the cash flow
characteristics of the asset. There are three measurement categories
into which the Group classifies its debt instruments:
\u2022Amortised cost
\u2022Fair value through profit or loss
\u2022Fair value through other comprehensive income.
The Group only has financial assets at amortised cost and makes no
use of derivative financial instruments.
Amortised cost
Assets that are held for collection of contractual cash flows where
those cash flows represent solely payments of principal and interest
are measured at amortised cost. Interest income from these financial
assets is included in finance income using the effective interest rate
method. Any gain or loss arising on derecognition is recognised
directly in profit or loss and presented in other gains/losses together
with foreign exchange gains and losses.
Financial assets - Impairment
The Group assesses on a forward looking basis the expected credit
losses associated with its debt instruments carried at amortised cost.
The Group has no trade receivables nor amounts due from customers
for contract work including a significant finance component and is
therefore required to apply the simplified approach under IFRS 9, in
which the credit losses are measured using a lifetime expected loss
allowance for all trade receivables and amounts due from customers
for contract work. Information about the Group\u2019s exposure to credit
risk and measurement of impairment losses for trade receivables is
included in Note 15.
Financial liabilities - Recognition and measurement
Financial liabilities are recognised when the Group becomes a party to
the contractual provisions of the financial instrument.
The Group has financial liabilities measured at amortised cost. The
Group may also issue financial guarantees, see below; it makes no use
of other types of derivative financial instruments.
Financial liabilities at amortised cost
Financial liabilities at amortised cost include trade and other payables
and long-term debt. Trade and other payables and long-term debt are
initially recognised at fair value equalling the amount required to be
paid, less, when material, a discount to reduce the payables to fair
value. Subsequently, trade and other payables and long-term debt are
measured at amortised cost using the effective interest method. Trade
and other payables are classified as current liabilities due to their short
term nature, except for maturities greater than 12 months after the end
of the reporting period. These are classified as non-current liabilities.
Financial liabilities - Derecognition
The Group derecognises a financial liability when its contractual
obligations are discharged or cancelled, or expire. On derecognition
of a financial liability, the difference between the carrying amount
extinguished and the consideration paid (including any non-cash
assets transferred or liabilities assumed) is recognised in the income
statement.
The Group also derecognises a financial liability when its terms are
modified and the cash flows of the modified liability are substantially
different, in which case a new financial liability based on the modified
terms is recognised at fair value. However, when the cash flows of the
modified liability are not substantially different, the Group (i)
recalculates the amortised cost of the modified financial liability by
discounting the modified contractual cash flows using the original
effective interest rate and (ii) recognises any adjustment in the income
statement.
Financial guarantees
Financial guarantee contracts are recognised as a financial liability at
the time the guarantee is issued. The liability is initially measured at
fair value and subsequently at the higher of:
\u2022the amount determined in accordance with the expected
credit loss model under IFRS 9 Financial Instruments, and
\u2022the amount initially recognised less, where appropriate, the
cumulative amount of income recognised in accordance with
the principles of IFRS 15 Revenue from Contracts with
Customers.
The fair value of financial guarantees is determined based on the
present value of the difference in cash flows between the contractual
payments required under the debt instrument and the payments that
would be required without the guarantee, or the estimated amount
that would be payable to a third party for assuming the obligations.
Where guarantees in relation to loans or other payables of associates
are provided for no compensation, the fair values are accounted for as
contributions and recognised as part of the cost of the investment.
Offsetting financial instruments
Financial assets and liabilities are offset and the net amount reported
in the balance sheet when there is a legally enforceable right to offset
the recognised amounts and there is an intention to settle on a net
basis or realise the asset and settle the liability simultaneously. The
Group and its counterparties do not have any legally enforceable right
to offset the recognised amounts in the balance sheet.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-261": {
"value": "Financial instruments
Financial assets - Classification and measurement
The Group classifies its financial assets in the following measurement
categories:
\u2022those to be measured subsequently at fair value (either
through OCI or through profit or loss)
\u2022those to be measured at amortised cost.
The classification depends on the entity\u2019s business model for
managing the financial assets and the contractual terms of the cash
flows.
Financial assets - Recognition and derecognition
Regular purchases and sales of financial assets are recognised on the
trade-date, the date on which the Group commits to purchase or sell
the asset. Financial assets are derecognised when the rights to receive
cash flows from the financial assets have expired or have been
transferred and the Group has transferred substantially all the risks
and rewards of ownership.
Financial assets - Measurements
At initial recognition the Group measures a financial asset at its fair
value plus, in the case of a financial asset not at fair value through
profit or loss, transaction costs that are directly attributable to the
acquisition of the financial asset. Transaction costs of financial assets
carried at fair value through profit or loss are expensed in profit or
loss.
Debt instruments
Subsequent measurement of debt instruments depends on the
Group\u2019s business model for managing the asset and the cash flow
characteristics of the asset. There are three measurement categories
into which the Group classifies its debt instruments:
\u2022Amortised cost
\u2022Fair value through profit or loss
\u2022Fair value through other comprehensive income.
The Group only has financial assets at amortised cost and makes no
use of derivative financial instruments.
Amortised cost
Assets that are held for collection of contractual cash flows where
those cash flows represent solely payments of principal and interest
are measured at amortised cost. Interest income from these financial
assets is included in finance income using the effective interest rate
method. Any gain or loss arising on derecognition is recognised
directly in profit or loss and presented in other gains/losses together
with foreign exchange gains and losses.
Financial assets - Impairment
The Group assesses on a forward looking basis the expected credit
losses associated with its debt instruments carried at amortised cost.
The Group has no trade receivables nor amounts due from customers
for contract work including a significant finance component and is
therefore required to apply the simplified approach under IFRS 9, in
which the credit losses are measured using a lifetime expected loss
allowance for all trade receivables and amounts due from customers
for contract work. Information about the Group\u2019s exposure to credit
risk and measurement of impairment losses for trade receivables is
included in Note 15.
Financial liabilities - Recognition and measurement
Financial liabilities are recognised when the Group becomes a party to
the contractual provisions of the financial instrument.
The Group has financial liabilities measured at amortised cost. The
Group may also issue financial guarantees, see below; it makes no use
of other types of derivative financial instruments.
Financial liabilities at amortised cost
Financial liabilities at amortised cost include trade and other payables
and long-term debt. Trade and other payables and long-term debt are
initially recognised at fair value equalling the amount required to be
paid, less, when material, a discount to reduce the payables to fair
value. Subsequently, trade and other payables and long-term debt are
measured at amortised cost using the effective interest method. Trade
and other payables are classified as current liabilities due to their short
term nature, except for maturities greater than 12 months after the end
of the reporting period. These are classified as non-current liabilities.
Financial liabilities - Derecognition
The Group derecognises a financial liability when its contractual
obligations are discharged or cancelled, or expire. On derecognition
of a financial liability, the difference between the carrying amount
extinguished and the consideration paid (including any non-cash
assets transferred or liabilities assumed) is recognised in the income
statement.
The Group also derecognises a financial liability when its terms are
modified and the cash flows of the modified liability are substantially
different, in which case a new financial liability based on the modified
terms is recognised at fair value. However, when the cash flows of the
modified liability are not substantially different, the Group (i)
recalculates the amortised cost of the modified financial liability by
discounting the modified contractual cash flows using the original
effective interest rate and (ii) recognises any adjustment in the income
statement.
Financial guarantees
Financial guarantee contracts are recognised as a financial liability at
the time the guarantee is issued. The liability is initially measured at
fair value and subsequently at the higher of:
\u2022the amount determined in accordance with the expected
credit loss model under IFRS 9 Financial Instruments, and
\u2022the amount initially recognised less, where appropriate, the
cumulative amount of income recognised in accordance with
the principles of IFRS 15 Revenue from Contracts with
Customers.
The fair value of financial guarantees is determined based on the
present value of the difference in cash flows between the contractual
payments required under the debt instrument and the payments that
would be required without the guarantee, or the estimated amount
that would be payable to a third party for assuming the obligations.
Where guarantees in relation to loans or other payables of associates
are provided for no compensation, the fair values are accounted for as
contributions and recognised as part of the cost of the investment.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-262": {
"value": "
Financial assets - Classification and measurement
The Group classifies its financial assets in the following measurement
categories:
\u2022those to be measured subsequently at fair value (either
through OCI or through profit or loss)
\u2022those to be measured at amortised cost.
The classification depends on the entity\u2019s business model for
managing the financial assets and the contractual terms of the cash
flows.
Financial assets - Recognition and derecognition
Regular purchases and sales of financial assets are recognised on the
trade-date, the date on which the Group commits to purchase or sell
the asset. Financial assets are derecognised when the rights to receive
cash flows from the financial assets have expired or have been
transferred and the Group has transferred substantially all the risks
and rewards of ownership.
Financial assets - Measurements
At initial recognition the Group measures a financial asset at its fair
value plus, in the case of a financial asset not at fair value through
profit or loss, transaction costs that are directly attributable to the
acquisition of the financial asset. Transaction costs of financial assets
carried at fair value through profit or loss are expensed in profit or
loss.
Debt instruments
Subsequent measurement of debt instruments depends on the
Group\u2019s business model for managing the asset and the cash flow
characteristics of the asset. There are three measurement categories
into which the Group classifies its debt instruments:
\u2022Amortised cost
\u2022Fair value through profit or loss
\u2022Fair value through other comprehensive income.
The Group only has financial assets at amortised cost and makes no
use of derivative financial instruments.
Amortised cost
Assets that are held for collection of contractual cash flows where
those cash flows represent solely payments of principal and interest
are measured at amortised cost. Interest income from these financial
assets is included in finance income using the effective interest rate
method. Any gain or loss arising on derecognition is recognised
directly in profit or loss and presented in other gains/losses together
with foreign exchange gains and losses.
Financial assets - Impairment
The Group assesses on a forward looking basis the expected credit
losses associated with its debt instruments carried at amortised cost.
The Group has no trade receivables nor amounts due from customers
for contract work including a significant finance component and is
therefore required to apply the simplified approach under IFRS 9, in
which the credit losses are measured using a lifetime expected loss
allowance for all trade receivables and amounts due from customers
for contract work. Information about the Group\u2019s exposure to credit
risk and measurement of impairment losses for trade receivables is
included in Note 15.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-263": {
"value": "
Financial assets - Recognition and derecognition
Regular purchases and sales of financial assets are recognised on the
trade-date, the date on which the Group commits to purchase or sell
the asset. Financial assets are derecognised when the rights to receive
cash flows from the financial assets have expired or have been
transferred and the Group has transferred substantially all the risks
and rewards of ownership.
Financial liabilities - Derecognition
The Group derecognises a financial liability when its contractual
obligations are discharged or cancelled, or expire. On derecognition
of a financial liability, the difference between the carrying amount
extinguished and the consideration paid (including any non-cash
assets transferred or liabilities assumed) is recognised in the income
statement.
The Group also derecognises a financial liability when its terms are
modified and the cash flows of the modified liability are substantially
different, in which case a new financial liability based on the modified
terms is recognised at fair value. However, when the cash flows of the
modified liability are not substantially different, the Group (i)
recalculates the amortised cost of the modified financial liability by
discounting the modified contractual cash flows using the original
effective interest rate and (ii) recognises any adjustment in the income
statement.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-264": {
"value": "
Financial assets - Measurements
At initial recognition the Group measures a financial asset at its fair
value plus, in the case of a financial asset not at fair value through
profit or loss, transaction costs that are directly attributable to the
acquisition of the financial asset. Transaction costs of financial assets
carried at fair value through profit or loss are expensed in profit or
loss.
Debt instruments
Subsequent measurement of debt instruments depends on the
Group\u2019s business model for managing the asset and the cash flow
characteristics of the asset. There are three measurement categories
into which the Group classifies its debt instruments:
\u2022Amortised cost
\u2022Fair value through profit or loss
\u2022Fair value through other comprehensive income.
The Group only has financial assets at amortised cost and makes no
use of derivative financial instruments.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-265": {
"value": "
Assets that are held for collection of contractual cash flows where
those cash flows represent solely payments of principal and interest
are measured at amortised cost. Interest income from these financial
assets is included in finance income using the effective interest rate
method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-266": {
"value": "
Financial liabilities - Recognition and measurement
Financial liabilities are recognised when the Group becomes a party to
the contractual provisions of the financial instrument.
The Group has financial liabilities measured at amortised cost. The
Group may also issue financial guarantees, see below; it makes no use
of other types of derivative financial instruments.
Financial liabilities at amortised cost
Financial liabilities at amortised cost include trade and other payables
and long-term debt. Trade and other payables and long-term debt are
initially recognised at fair value equalling the amount required to be
paid, less, when material, a discount to reduce the payables to fair
value. Subsequently, trade and other payables and long-term debt are
measured at amortised cost using the effective interest method. Trade
and other payables are classified as current liabilities due to their short
term nature, except for maturities greater than 12 months after the end
of the reporting period. These are classified as non-current liabilities.
Financial liabilities - Derecognition
The Group derecognises a financial liability when its contractual
obligations are discharged or cancelled, or expire. On derecognition
of a financial liability, the difference between the carrying amount
extinguished and the consideration paid (including any non-cash
assets transferred or liabilities assumed) is recognised in the income
statement.
The Group also derecognises a financial liability when its terms are
modified and the cash flows of the modified liability are substantially
different, in which case a new financial liability based on the modified
terms is recognised at fair value. However, when the cash flows of the
modified liability are not substantially different, the Group (i)
recalculates the amortised cost of the modified financial liability by
discounting the modified contractual cash flows using the original
effective interest rate and (ii) recognises any adjustment in the income
statement.
Financial guarantees
Financial guarantee contracts are recognised as a financial liability at
the time the guarantee is issued. The liability is initially measured at
fair value and subsequently at the higher of:
\u2022the amount determined in accordance with the expected
credit loss model under IFRS 9 Financial Instruments, and
\u2022the amount initially recognised less, where appropriate, the
cumulative amount of income recognised in accordance with
the principles of IFRS 15 Revenue from Contracts with
Customers.
The fair value of financial guarantees is determined based on the
present value of the difference in cash flows between the contractual
payments required under the debt instrument and the payments that
would be required without the guarantee, or the estimated amount
that would be payable to a third party for assuming the obligations.
Where guarantees in relation to loans or other payables of associates
are provided for no compensation, the fair values are accounted for as
contributions and recognised as part of the cost of the investment.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-267": {
"value": "
Financial guarantees
Financial guarantee contracts are recognised as a financial liability at
the time the guarantee is issued. The liability is initially measured at
fair value and subsequently at the higher of:
\u2022the amount determined in accordance with the expected
credit loss model under IFRS 9 Financial Instruments, and
\u2022the amount initially recognised less, where appropriate, the
cumulative amount of income recognised in accordance with
the principles of IFRS 15 Revenue from Contracts with
Customers.
The fair value of financial guarantees is determined based on the
present value of the difference in cash flows between the contractual
payments required under the debt instrument and the payments that
would be required without the guarantee, or the estimated amount
that would be payable to a third party for assuming the obligations.
Where guarantees in relation to loans or other payables of associates
are provided for no compensation, the fair values are accounted for as
contributions and recognised as part of the cost of the investment.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-268": {
"value": "
Offsetting financial instruments
Financial assets and liabilities are offset and the net amount reported
in the balance sheet when there is a legally enforceable right to offset
the recognised amounts and there is an intention to settle on a net
basis or realise the asset and settle the liability simultaneously. The
Group and its counterparties do not have any legally enforceable right
to offset the recognised amounts in the balance sheet.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-269": {
"value": "Provisions
Provisions are recognised when the Group has a present obligation
(legal or constructive) as a result of a past event, it is probable that the
Group will be required to settle that obligation and a reliable estimate
can be made of the amount of the obligation. The Group records
provisions for decommissioning costs of charging stations, see note
20 for details.
The amount recognised as a provision is the best estimate of the
consideration required to settle the present obligation at the
reporting date, taking into account the risks and uncertainties
surrounding the obligation. Where a provision is measured using the
cash flows estimated to settle the present obligation, its carrying
amount is the present value of those cash flows (when the effect of the
time value of money is material).
When some or all of the economic benefits required to settle a
provision are expected to be recovered from a third party, a receivable
is recognised as an asset if it is virtually certain that reimbursement
will be received and the amount of the receivable can be measured
reliably.
Provision for decommissioning
Under the rental agreements with the Dutch Rijksvastgoedbedrijf and
with various other landlords for the land of the charging stations, the
Group has recognised a provision for decommissioning obligations. In
determining the present value of the expected cash outflow of the
provision, assumptions and estimates are made in relation to discount
rates, the expected cost to dismantle and remove the charging station
from the site and the expected timing of those costs. The carrying
amount of the provision as at 31 December 2022 was \u20ac10.0 million
(2021: \u20ac5.2 million). The Group estimates that the costs would be
realised after expiration of the rental contract and calculates the
provision using the DCF method based on the following assumptions:
\u2022Estimated cost of removal : \u20ac3-131 thousand depending on
the size of the station
\u2022Inflation of 2.2 (2021: 1.9%)
\u2022Discount rate of 2.47% (2021: -0.05%)
If the estimated pre-tax discount rate used in the calculation had
been 1% higher than management\u2019s estimate, the carrying amount of
the provision would have been \u20ac1.1. million lower. If the estimated
inflation had been 1% lower than management's estimate, the carrying
amount of the provision would have been \u20ac1.2 million higher.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-270": {
"value": "Provisions
Provisions are recognised when the Group has a present obligation
(legal or constructive) as a result of a past event, it is probable that the
Group will be required to settle that obligation and a reliable estimate
can be made of the amount of the obligation. The Group records
provisions for decommissioning costs of charging stations, see note
20 for details.
The amount recognised as a provision is the best estimate of the
consideration required to settle the present obligation at the
reporting date, taking into account the risks and uncertainties
surrounding the obligation. Where a provision is measured using the
cash flows estimated to settle the present obligation, its carrying
amount is the present value of those cash flows (when the effect of the
time value of money is material).
When some or all of the economic benefits required to settle a
provision are expected to be recovered from a third party, a receivable
is recognised as an asset if it is virtually certain that reimbursement
will be received and the amount of the receivable can be measured
reliably.
Provision for decommissioning
Under the rental agreements with the Dutch Rijksvastgoedbedrijf and
with various other landlords for the land of the charging stations, the
Group has recognised a provision for decommissioning obligations. In
determining the present value of the expected cash outflow of the
provision, assumptions and estimates are made in relation to discount
rates, the expected cost to dismantle and remove the charging station
from the site and the expected timing of those costs. The carrying
amount of the provision as at 31 December 2022 was \u20ac10.0 million
(2021: \u20ac5.2 million). The Group estimates that the costs would be
realised after expiration of the rental contract and calculates the
provision using the DCF method based on the following assumptions:
\u2022Estimated cost of removal : \u20ac3-131 thousand depending on
the size of the station
\u2022Inflation of 2.2 (2021: 1.9%)
\u2022Discount rate of 2.47% (2021: -0.05%)
If the estimated pre-tax discount rate used in the calculation had
been 1% higher than management\u2019s estimate, the carrying amount of
the provision would have been \u20ac1.1. million lower. If the estimated
inflation had been 1% lower than management's estimate, the carrying
amount of the provision would have been \u20ac1.2 million higher.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-271": {
"value": "Share-based payments
Share-based payment transactions of the Group
Equity-settled share-based payments to employees and others
providing similar services are measured at the fair value of the equity
instruments at the grant date. The fair value excludes the effect of
non-market-based vesting conditions. Details regarding the
determination of the fair value of equity-settled share-based
transactions are set out in note 22.
The fair value determined at the grant date of the equity-settled share-
based payments is expensed on a straight-line basis over the vesting
period, based on the Group\u2019s estimate of the number of equity
instruments that will eventually vest. At each reporting date, the Group
revises its estimate of the number of equity instruments expected to
vest as a result of the effect of non-market-based vesting conditions.
The impact of the revision of the original estimates, if any, is
recognised in profit or loss such that the cumulative expense reflects
the revised estimate, with a corresponding adjustment to reserves.
Share-based compensation
We use the fair value method of accounting for share options granted
to employees to measure the cost of employee services received in
exchange for the stock-based awards. The fair value of stock option
awards is estimated using the Hull-White option-pricing model, see
note 22. The option-pricing model requires inputs such as the risk-
free interest rate, expected term and expected volatility. These inputs
are subjective and generally require significant judgment.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-272": {
"value": "Significant accounting estimates,
judgements and errors
In applying the Group\u2019s accounting policies, which are described in
note 2, the directors are required to make judgements (other than
those involving estimations) that have a significant impact on the
amounts recognised and to make estimates and assumptions about
the carrying amounts of assets and liabilities that are not readily
apparent from other sources. The estimates and associated
assumptions are based on historical experience and other factors that
are considered to be relevant. Actual results may differ from these
estimates.
The estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates are recognised in
the period in which the estimate is revised if the revision affects only
that period, or in the period of the revision and future periods if the
revision affects both current and future periods.
Other disclosures relating to the Group\u2019s exposure to risks and
uncertainties include:
\u2022Capital management (see Note 4)
\u2022Financial risk management objectives and policies (see Note
14.6)
\u2022Sensitivity analyses disclosures (see Note 12)
Judgements in applying the Group\u2019s accounting policies
The following are the critical judgements, apart from those involving
estimations (which are presented separately below), that the
management have made in the process of applying the Group\u2019s
accounting policies and that have the most significant effect on the
amounts recognised in financial statements.
Capitalisation of internally developed software
Distinguishing the research and development phases of software
projects and determining whether the recognition requirements for
the capitalisation of its development costs are met requires
judgement. After capitalisation, management monitors whether the
recognition requirements continue to be met and whether there are
any indicators that capitalised costs may be impaired.
Taxes
Deferred tax assets are recognised for unused tax losses to the extent
that it is probable that taxable profit will be available against which the
losses can be utilised. Significant management judgement is required
to determine the amount of deferred tax assets that can be
recognised, based upon the likely timing and the level of future taxable
profits together with future tax planning strategies.
At year-end 2022, the Group has \u20ac21.1 million (2021: \u20ac41.4 million) of
tax losses in the Netherlands which are available for offsetting against
future taxable profits in the period 2022-2028, and \u20ac 25.6 million of
tax losses (2021: \u20ac11.6 million) arising in other countries. In addition,
the Group has \u20ac40.5 million of unrecognised temporary differences.
Due to uncertainty about size and timing of future profits the directors
have determined not to recognise deferred tax assets on the tax
losses carried forward.
If the Group would recognise all unrecognised deferred tax assets,
profit and equity would have increased by approximately \u20ac11.3 million
depending on the timing of the utilisation of the tax losses. Further
details on taxes are disclosed in Note 9.
Estimates and assumptions
The key assumptions concerning the future and other key sources of
estimation regarding uncertainty at the reporting date that have a
significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial year are
described below. The directors have based their assumptions and
estimates on parameters available when the financial statements were
prepared. Existing circumstances and assumptions about future
developments, however, may change due to market changes or
circumstances arising that are beyond the control of the Group. Such
changes are reflected in the assumptions when they occur.
Property, plant and equipment \u2013 depreciation and expected useful
lives
To determine the useful life of assets, estimates and assumptions are
required. Management used market data, supplier specifications and
its experience with the equipment to establish these estimates.
Acquisitions
Tangible and intangible assets acquired in an acquisition (business or
asset acquisition) are stated at fair value, as determined at the date of
the acquisition. To determine the fair value at the acquisition date,
estimates and assumptions are required. The valuation of the
identifiable assets involves estimates of expected sales, earnings and/
or future cash flows and require use of key assumptions such as
discount rate and growth rates.
Impairment of non-financial assets
Impairment exists when the carrying value of an asset or cash
generating unit exceeds its recoverable amount, which is the higher of
its fair value less costs of disposal and its value in use. The fair value
less costs of disposal calculation is based on available data from
binding sales transactions, conducted at arm\u2019s length for similar
assets less incremental costs for disposing of the asset. The value in
use calculation is based on a DCF model. The cash flows are derived
from the budget for the next five years and do not include
restructuring activities that the Group is not yet committed to or
significant future investments that will enhance the asset\u2019s
performance of the cash-generating-unit (CGU) being tested. The
recoverable amount is sensitive to the discount rate used for the DCF
model as well as the expected future cash-inflows and the growth rate
used for extrapolation purposes. The key assumptions to determine
whether an impairment is necessary or not are disclosed and further
explained in Note 12.
Impairment of financial assets
Impairment of financial assets exists when the counterparty is not able
to meet its obligations under a financial instrument or customer
contract, leading to a financial loss for the Group. The Group has a loan
outstanding with Fastned Terra 1 B.V. (see Note 14.2) and has evaluated
whether this loan needs to be impaired. Based on expected future
cash flows of the entity and the revenue share from Fastned B.V. , the
directors have determined that it is necessary to impair the loan. See
note 14.2 for further details.
Provision for decommissioning
Under the rental agreements with the Dutch Rijksvastgoedbedrijf and
with various other landlords for the land of the charging stations, the
Group has recognised a provision for decommissioning obligations. In
determining the present value of the expected cash outflow of the
provision, assumptions and estimates are made in relation to discount
rates, the expected cost to dismantle and remove the charging station
from the site and the expected timing of those costs. The carrying
amount of the provision as at 31 December 2022 was \u20ac10.0 million
(2021: \u20ac5.2 million). The Group estimates that the costs would be
realised after expiration of the rental contract and calculates the
provision using the DCF method based on the following assumptions:
\u2022Estimated cost of removal : \u20ac3-131 thousand depending on
the size of the station
\u2022Inflation of 2.2 (2021: 1.9%)
\u2022Discount rate of 2.47% (2021: -0.05%)
If the estimated pre-tax discount rate used in the calculation had
been 1% higher than management\u2019s estimate, the carrying amount of
the provision would have been \u20ac1.1. million lower. If the estimated
inflation had been 1% lower than management's estimate, the carrying
amount of the provision would have been \u20ac1.2 million higher.
Fastned Founders Club deferred income
In May 2015, Fastned launched the Fastned Founders Club. This is a
special group of investors who have invested a minimum of \u20ac25,000 in
the first primary issuance of shares through NPEX or a minimum of
\u20ac50,000 in the primary issuance of shares through Nxchange in April -
May 2016.
In return, these early investors can charge for free at Fastned stations
for the rest of their lives as long as they hold these Fastned
certificates. The Group has recognised deferred income for the
estimated kWh to be charged by these Founders. In determining the
amount of the deferred income, assumptions and estimates are made
in relation to the amount of kWh the Founders will charge, the
discount rates, the expected cost of electricity and the expected
timing of those costs. The carrying amount of deferred income as at 31
December 2022 was \u20ac194,000 (2021: \u20ac194,000). The Group estimates
that the income will be realised in 17.5 years\u2019 time as the average age of
the Founders is 56.5 and that 60% of the Founders have a fully electric
vehicle and will charge 35% of the time at Fastned stations.
Share-based compensation
We use the fair value method of accounting for share options granted
to employees to measure the cost of employee services received in
exchange for the stock-based awards. The fair value of stock option
awards is estimated using the Hull-White option-pricing model, see
note 22. The option-pricing model requires inputs such as the risk-
free interest rate, expected term and expected volatility. These inputs
are subjective and generally require significant judgment.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-273": {
"value": "Significant accounting estimates, judgements and errorsIn applying the Group\u2019s accounting policies, which are described in note 2, the directors are required to make judgements (other than those involving estimations) that have a significant impact on the amounts recognised and to make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.Other disclosures relating to the Group\u2019s exposure to risks and uncertainties include:\u2022Capital management (see Note 4)\u2022Financial risk management objectives and policies (see Note 14.6)\u2022Sensitivity analyses disclosures (see Note 12)Judgements in applying the Group\u2019s accounting policiesThe following are the critical judgements, apart from those involving estimations (which are presented separately below), that the management have made in the process of applying the Group\u2019s accounting policies and that have the most significant effect on the amounts recognised in financial statements.Capitalisation of internally developed software Distinguishing the research and development phases of software projects and determining whether the recognition requirements for the capitalisation of its development costs are met requires judgement. After capitalisation, management monitors whether the recognition requirements continue to be met and whether there are any indicators that capitalised costs may be impaired.TaxesDeferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits together with future tax planning strategies.At year-end 2022, the Group has \u20ac21.1 million (2021: \u20ac41.4 million) of tax losses in the Netherlands which are available for offsetting against future taxable profits in the period 2022-2028, and \u20ac 25.6 million of tax losses (2021: \u20ac11.6 million) arising in other countries. In addition, the Group has \u20ac40.5 million of unrecognised temporary differences. Due to uncertainty about size and timing of future profits the directors have determined not to recognise deferred tax assets on the tax losses carried forward.If the Group would recognise all unrecognised deferred tax assets, profit and equity would have increased by approximately \u20ac11.3 million depending on the timing of the utilisation of the tax losses. Further details on taxes are disclosed in Note 9.Estimates and assumptionsThe key assumptions concerning the future and other key sources of estimation regarding uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are described below. The directors have based their assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur.Property, plant and equipment \u2013 depreciation and expected useful livesTo determine the useful life of assets, estimates and assumptions are required. Management used market data, supplier specifications and its experience with the equipment to establish these estimates. AcquisitionsTangible and intangible assets acquired in an acquisition (business or asset acquisition) are stated at fair value, as determined at the date of the acquisition. To determine the fair value at the acquisition date, estimates and assumptions are required. The valuation of the identifiable assets involves estimates of expected sales, earnings and/or future cash flows and require use of key assumptions such as discount rate and growth rates.Impairment of non-financial assetsImpairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm\u2019s length for similar assets less incremental costs for disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived from the budget for the next five years and do not include restructuring activities that the Group is not yet committed to or significant future investments that will enhance the asset\u2019s performance of the cash-generating-unit (CGU) being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. The key assumptions to determine whether an impairment is necessary or not are disclosed and further explained in Note 12.Impairment of financial assetsImpairment of financial assets exists when the counterparty is not able to meet its obligations under a financial instrument or customer contract, leading to a financial loss for the Group. The Group has a loan outstanding with Fastned Terra 1 B.V. (see Note 14.2) and has evaluated whether this loan needs to be impaired. Based on expected future cash flows of the entity and the revenue share from Fastned B.V. , the directors have determined that it is necessary to impair the loan. See note 14.2 for further details. Provision for decommissioningUnder the rental agreements with the Dutch Rijksvastgoedbedrijf and with various other landlords for the land of the charging stations, the Group has recognised a provision for decommissioning obligations. In determining the present value of the expected cash outflow of the provision, assumptions and estimates are made in relation to discount rates, the expected cost to dismantle and remove the charging station from the site and the expected timing of those costs. The carrying amount of the provision as at 31 December 2022 was \u20ac10.0 million (2021: \u20ac5.2 million). The Group estimates that the costs would be realised after expiration of the rental contract and calculates the provision using the DCF method based on the following assumptions:\u2022Estimated cost of removal : \u20ac3-131 thousand depending on the size of the station\u2022Inflation of 2.2 (2021: 1.9%)\u2022Discount rate of 2.47% (2021: -0.05%)If the estimated pre-tax discount rate used in the calculation had been 1% higher than management\u2019s estimate, the carrying amount of the provision would have been \u20ac1.1. million lower. If the estimated inflation had been 1% lower than management's estimate, the carrying amount of the provision would have been \u20ac1.2 million higher.Fastned Founders Club deferred incomeIn May 2015, Fastned launched the Fastned Founders Club. This is a special group of investors who have invested a minimum of \u20ac25,000 in the first primary issuance of shares through NPEX or a minimum of \u20ac50,000 in the primary issuance of shares through Nxchange in April - May 2016.In return, these early investors can charge for free at Fastned stations for the rest of their lives as long as they hold these Fastned certificates. The Group has recognised deferred income for the estimated kWh to be charged by these Founders. In determining the amount of the deferred income, assumptions and estimates are made in relation to the amount of kWh the Founders will charge, the discount rates, the expected cost of electricity and the expected timing of those costs. The carrying amount of deferred income as at 31 December 2022 was \u20ac194,000 (2021: \u20ac194,000). The Group estimates that the income will be realised in 17.5 years\u2019 time as the average age of the Founders is 56.5 and that 60% of the Founders have a fully electric vehicle and will charge 35% of the time at Fastned stations.Share-based compensationWe use the fair value method of accounting for share options granted to employees to measure the cost of employee services received in exchange for the stock-based awards. The fair value of stock option awards is estimated using the Hull-White option-pricing model, see note 22. The option-pricing model requires inputs such as the risk-free interest rate, expected term and expected volatility. These inputs are subjective and generally require significant judgment.",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-274": {
"value": "
Impairment of financial assets
Impairment of financial assets exists when the counterparty is not able
to meet its obligations under a financial instrument or customer
contract, leading to a financial loss for the Group. The Group has a loan
outstanding with Fastned Terra 1 B.V. (see Note 14.2) and has evaluated
whether this loan needs to be impaired. Based on expected future
cash flows of the entity and the revenue share from Fastned B.V. , the
directors have determined that it is necessary to impair the loan. See
note 14.2 for further details.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-275": {
"value": "Capital management
The Group\u2019s capital management covers issued capital, share premium
and all other equity reserves attributable to the equity holders of the
Group. The objective of capital management is to realise our mission
and secure financial flexibility to maintain long-term business
operations. Ensuring liquidity and limiting financial risks are key
components of our financial policy and set the framework for capital
management.
The Group manages its capital structure and makes adjustments in
light of changes in economic conditions. To maintain or adjust the
capital structure, the Group may adjust the dividend payment to
shareholders, return capital to shareholders or issue new shares or
other financial instruments.
Fastned B.V. has not paid any dividends since its incorporation. The
Group expects to retain all earnings, if any, generated by Fastned\u2019s
operations for the development and growth of its business and does
not anticipate paying any dividends to shareholders in the foreseeable
future. Fastned is currently not profitable. The Group\u2019s dividend policy
will be reviewed and may be amended from time to time taking into
account Fastned\u2019s earnings, cash flow, financial condition, capital
expenditure requirements and other factors considered important by
the Board of Directors.
Fastned only invests in new stations when financing is in place for such
an investment. The Group has secured financing for its operations
through issuance of equity (see Note 17) and new bonds (see Note
14.3). See also the going concern assumption under the Statement of
Directors' responsibilities and Note 1.
No changes were made in the objectives, policies or processes for
managing capital during the years ended 31 December 2022 and 2021.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-276": {
"value": "
Fastned B.V. has not paid any dividends since its incorporation. The
Group expects to retain all earnings, if any, generated by Fastned\u2019s
operations for the development and growth of its business and does
not anticipate paying any dividends to shareholders in the foreseeable
future. Fastned is currently not profitable. The Group\u2019s dividend policy
will be reviewed and may be amended from time to time taking into
account Fastned\u2019s earnings, cash flow, financial condition, capital
expenditure requirements and other factors considered important by
the Board of Directors.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-277": {
"value": "
The consolidated financial statements of the Group include:
| | | | |
| | | | |
| | | | |
Fastned Verwaltungsgesellschaft mbH | General partner Fastned Deutschland GmbH & Co KG | | | |
Fastned Deutschland GmbH & Co KG | Construction and operating charging stations | | | |
| Construction and operating charging stations | | | |
| Construction and operating charging stations | | | |
| Construction and operating charging stations | | | |
| Construction and operating charging stations | | | |
| | | | |
| | | | |
The Fast Charging Network BV | Construction and operating charging stations | | | |
| Commercial operation of chargers at charging stations | | | |
| Construction and operating charging stations | | | |
| Construction and operating charging stations | | | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-278": {
"value": "
Revenue
The Group\u2019s revenue disaggregated by type of good or service
is as follows:
| | | |
| Timing of revenue recognition | | |
Revenues related to charging: | | | |
| Goods transferred at a point in time | | |
Other revenues relating to charging: | | | |
Sales of renewable energy units | Goods transferred at a point in time | | |
Maintenance fees and other revenue | Services transferred over time | | |
Station construction as part of service concessions | Goods transferred over time | | |
| | | |
Revenue from station construction as part of service concessions
relates to a public tender in the UK, where Fastned won a contract to
construct seven charging stations in the North East of England and
deliver these to the contracting party, and to operate these stations
for a further period. During the years of operation of the stations, there
are no charges made to Fastned for use of the locations (rent), the
assets (depreciation) and financing (interest).
Other operating revenues relating to charging comprise maintenance
fees, sales of Renewable Energy Units (HBEs) and other revenue.
Disaggregation of revenue
In the following tables, revenue is disaggregated by revenue type, by
country and based on the timing of revenue recognition:
| | | |
| Timing of revenue recognition | | |
Type of goods and service | | | |
| Goods transferred at a point of time | | |
Other revenues related to charging: | | | |
Sales of renewable energy units | Goods transferred at a point of time | | |
Maintenance fees and other revenue | Service transferred over time | | |
Station construction as part of service concessions | Goods transferred over time | | |
| | | |
Entity-wide information
The Group operates in six countries. There are no customers that
account for 10% or more of revenue as at December 31, 2022 and 2021.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-279": {
"value": "
| | | |
| Timing of revenue recognition | | |
Revenues related to charging: | | | |
| Goods transferred at a point in time | | |
Other revenues relating to charging: | | | |
Sales of renewable energy units | Goods transferred at a point in time | | |
Maintenance fees and other revenue | Services transferred over time | | |
Station construction as part of service concessions | Goods transferred over time | | |
| | | |
Revenue from station construction as part of service concessions
relates to a public tender in the UK, where Fastned won a contract to
construct seven charging stations in the North East of England and
deliver these to the contracting party, and to operate these stations
for a further period. During the years of operation of the stations, there
are no charges made to Fastned for use of the locations (rent), the
assets (depreciation) and financing (interest).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfServiceConcessionArrangementsExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-280": {
"value": "
Segmental reporting
The chief operating decision-maker ('CODM'), who is responsible for
allocating resources and assessing the performance of the operating
segments, has been identified as the Company\u2019s CEO and CFO. The
CODM examines the Group\u2019s performance on a geographical basis
with seven operating segments identified, being the Netherlands,
Germany, United Kingdom, Belgium, France, Switzerland and Italy.
The business activity of the six operating segments is location
acquisition and efficient construction and operation of Fastned
charging stations. Revenues are earned from sale of electricity to EV
drivers, plus other revenues from sales of renewable energy units and
maintenance fees. The activities in each of the operating segments are
similar in nature in terms of service offered, and they operate under
the same EU regulatory environment (although not a EU member, the
regulatory environment in CH & UK is broadly similar to that of EU
countries). The EV charging market is not sufficiently developed for
long term margins in each of the countries to be known with any
certainty, however currently Fastned management expects the same
trends and growth patterns to develop in each country even though
each is at a different stage in terms of EV adoption. Given the limited
size of the operating segments in Switzerland and Italy these have
been presented together as one reportable segment (Other Europe).
Following the change in the composition of reportable segments,
corresponding items of segment information for 2021 have been
restated so as to be on the same basis as for 2022.
Interest income and finance cost are not allocated to segments, as this
type of activity is centrally managed.
Sales between segments are made at prices that approximate market
prices, and not significant. Sales to external customers are based on
the location of the group subsidiary where the sale is made.
The CODM of Fastned primarily uses EBITDA14 as an alternative performance measure to monitor operating segment results and performance.
Total revenues, EBITDA per reporting segment and segment assets are as follows:
| | | | | | | |
| |
| | | | | | | |
| | | | | | | |
Other reconciling items - station construction as part of service concessions | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Reconciliation of EBITDA to profit/(loss) before tax | | | | | | | |
| | | | | | | |
Depreciation and amortization | | | | | | | |
| | | | | | | |
| | | | | | | |
Profit/(loss) before taxation | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| |
| | | | | | | |
| | | | | | | |
Other reconciling items - station construction as part of service concessions | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Reconciliation of EBITDA to profit/(loss) before tax |
| | | | | | | |
Depreciation and amortization | | | | | | | |
| | | | | | | |
| | | | | | | |
Profit/(loss) before taxation | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-281": {
"value": "
Segmental reporting
The chief operating decision-maker ('CODM'), who is responsible for
allocating resources and assessing the performance of the operating
segments, has been identified as the Company\u2019s CEO and CFO. The
CODM examines the Group\u2019s performance on a geographical basis
with seven operating segments identified, being the Netherlands,
Germany, United Kingdom, Belgium, France, Switzerland and Italy.
The business activity of the six operating segments is location
acquisition and efficient construction and operation of Fastned
charging stations. Revenues are earned from sale of electricity to EV
drivers, plus other revenues from sales of renewable energy units and
maintenance fees. The activities in each of the operating segments are
similar in nature in terms of service offered, and they operate under
the same EU regulatory environment (although not a EU member, the
regulatory environment in CH & UK is broadly similar to that of EU
countries). The EV charging market is not sufficiently developed for
long term margins in each of the countries to be known with any
certainty, however currently Fastned management expects the same
trends and growth patterns to develop in each country even though
each is at a different stage in terms of EV adoption. Given the limited
size of the operating segments in Switzerland and Italy these have
been presented together as one reportable segment (Other Europe).
Following the change in the composition of reportable segments,
corresponding items of segment information for 2021 have been
restated so as to be on the same basis as for 2022.
Interest income and finance cost are not allocated to segments, as this
type of activity is centrally managed.
Sales between segments are made at prices that approximate market
prices, and not significant. Sales to external customers are based on
the location of the group subsidiary where the sale is made.
The CODM of Fastned primarily uses EBITDA14 as an alternative performance measure to monitor operating segment results and performance.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-282": {
"value": "Cost of sales
| | |
| | |
| | |
| | |
Station construction as part of service concessions | | |
| | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-283": {
"value": "Other gains and losses
| | |
| | |
Net (loss) gain on disposal of fixed assets | | |
Total other operating income | | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-284": {
"value": "Other gains and losses
| | |
| | |
Net (loss) gain on disposal of fixed assets | | |
Total other operating income | | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-285": {
"value": "
| | |
| | |
Net (loss) gain on disposal of fixed assets | | |
Total other operating income | | |
8.2Administrative expenses
| | |
| | |
| | |
Depreciation of property, plant and equipment | | |
Depreciation of right-of-use-assets | | |
| | |
| | |
Amortization of intangible assets | | |
| | |
Total administrative expenses | | |
In 2022, the average number of employees of the Group was 114 (2021 :
76). In the Netherlands, the average number of employees was 75
(2021: 54)
No options were awarded to personnel under Fastned Option Plans
during 2022. The options awarded in 2021 are included in the wages
and salaries of 2021 (\u20ac8.16 million), see note 22 for more details.
Pensions and other post-employment benefits
The Group operates defined contribution pension plans which require
contributions made to separately administered funds arranged for
staff in the Netherlands and UK. The cost of providing contributions
under the defined contribution plans is limited to the amount that the
Group agreed to contribute to the fund. Contributions are expensed
as incurred and presented in the statement of profit or loss. The assets
and liabilities of such plans are not included in the balance sheet of the
Group.
Fastned does not (yet) operate a company pension plan for staff in
Germany, Belgium, Switzerland and France. Pension arrangements for
these staff are made through contributions to insurance schemes and
through the state pensions funded by social security contributions.
These costs are expensed as incurred and presented in the statement
of profit or loss.
8.3Other operating expenses
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Total other operating expenses | | |
8.4Finance costs
| | |
| | |
Interest on debts and borrowings | | |
Interest expense on lease liabilities | | |
Interest and bank charges | | |
| | |
| | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-286": {
"value": "Administrative expenses
| | |
| | |
| | |
Depreciation of property, plant and equipment | | |
Depreciation of right-of-use-assets | | |
| | |
| | |
Amortization of intangible assets | | |
| | |
Total administrative expenses | | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-287": {
"value": "Administrative expenses
| | |
| | |
| | |
Depreciation of property, plant and equipment | | |
Depreciation of right-of-use-assets | | |
| | |
| | |
Amortization of intangible assets | | |
| | |
Total administrative expenses | | |
In 2022, the average number of employees of the Group was 114 (2021 :
76). In the Netherlands, the average number of employees was 75
(2021: 54)
No options were awarded to personnel under Fastned Option Plans
during 2022. The options awarded in 2021 are included in the wages
and salaries of 2021 (\u20ac8.16 million), see note 22 for more details.
Pensions and other post-employment benefits
The Group operates defined contribution pension plans which require
contributions made to separately administered funds arranged for
staff in the Netherlands and UK. The cost of providing contributions
under the defined contribution plans is limited to the amount that the
Group agreed to contribute to the fund. Contributions are expensed
as incurred and presented in the statement of profit or loss. The assets
and liabilities of such plans are not included in the balance sheet of the
Group.
Fastned does not (yet) operate a company pension plan for staff in
Germany, Belgium, Switzerland and France. Pension arrangements for
these staff are made through contributions to insurance schemes and
through the state pensions funded by social security contributions.
These costs are expensed as incurred and presented in the statement
of profit or loss.
8.3Other operating expenses
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Total other operating expenses | | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-288": {
"value": "Administrative expenses
| | |
| | |
| | |
Depreciation of property, plant and equipment | | |
Depreciation of right-of-use-assets | | |
| | |
| | |
Amortization of intangible assets | | |
| | |
Total administrative expenses | | |
In 2022, the average number of employees of the Group was 114 (2021 :
76). In the Netherlands, the average number of employees was 75
(2021: 54)
No options were awarded to personnel under Fastned Option Plans
during 2022. The options awarded in 2021 are included in the wages
and salaries of 2021 (\u20ac8.16 million), see note 22 for more details.
Pensions and other post-employment benefits
The Group operates defined contribution pension plans which require
contributions made to separately administered funds arranged for
staff in the Netherlands and UK. The cost of providing contributions
under the defined contribution plans is limited to the amount that the
Group agreed to contribute to the fund. Contributions are expensed
as incurred and presented in the statement of profit or loss. The assets
and liabilities of such plans are not included in the balance sheet of the
Group.
Fastned does not (yet) operate a company pension plan for staff in
Germany, Belgium, Switzerland and France. Pension arrangements for
these staff are made through contributions to insurance schemes and
through the state pensions funded by social security contributions.
These costs are expensed as incurred and presented in the statement
of profit or loss.
8.3Other operating expenses
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Total other operating expenses | | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-289": {
"value": "Administrative expenses
| | |
| | |
| | |
Depreciation of property, plant and equipment | | |
Depreciation of right-of-use-assets | | |
| | |
| | |
Amortization of intangible assets | | |
| | |
Total administrative expenses | | |
In 2022, the average number of employees of the Group was 114 (2021 :
76). In the Netherlands, the average number of employees was 75
(2021: 54)
No options were awarded to personnel under Fastned Option Plans
during 2022. The options awarded in 2021 are included in the wages
and salaries of 2021 (\u20ac8.16 million), see note 22 for more details.
Pensions and other post-employment benefits
The Group operates defined contribution pension plans which require
contributions made to separately administered funds arranged for
staff in the Netherlands and UK. The cost of providing contributions
under the defined contribution plans is limited to the amount that the
Group agreed to contribute to the fund. Contributions are expensed
as incurred and presented in the statement of profit or loss. The assets
and liabilities of such plans are not included in the balance sheet of the
Group.
Fastned does not (yet) operate a company pension plan for staff in
Germany, Belgium, Switzerland and France. Pension arrangements for
these staff are made through contributions to insurance schemes and
through the state pensions funded by social security contributions.
These costs are expensed as incurred and presented in the statement
of profit or loss.
Share-based payments
Movements during the year
The following table shows the number and weighted average exercise
price (WAEP) of, and movements in, employee options on certificates
of shares during the year:
| | | | |
| | |
| | | |
| | | |
| | | | |
| | | | |
Forfeited during the year | | | | |
Exercised during the year | | | | |
| | | | |
Outstanding at 31 December | | | | |
Exercisable at 31 December | | | | |
Included in the table above are options granted to Victor van Dijk,
director of Fastned BV, who held 9,562 options as at 31 December
2022 (2021: 9,562).
Of the options outstanding at 31 December 2022 456,238 are
exercisable at prices per DR between \u20ac10 and \u20ac13.95, and 1,594
options at \u20ac49.76.
Option plans
Prior to establishment of the present Option Plan on 17 May 2018
(\u201c2018 Option Plan\u201d), Fastned B.V. had an employee option plan in
place under which the Company granted a total of 365,411 options to
eligible employees (2015: 89,175, 2017: 113,345 and 2018: 162,891).As at
31 December 2022 223,918 of these options remained unexercised.
These equity-settled options granted under the previous Option Plan
are subject to a three-year vesting period. Vested options under the
plan can be exercised during a period within five years following the
vesting date.
Under the 2018 Option Plan, ten milestones are defined, being a
combination of an operational goal and the market capitalisation of
the Company. Each time a milestone is met, the Company will allocate
options for newly to be issued Depositary Receipts (\u201cDRs\u201d) to its
employees for a total of 1% of the then outstanding number of DRs.
The allocation of these options depends on the role and
responsibilities of the employee in the organisation. The criteria for
the granting of options will be determined by the Supervisory Board if
it concerns a Managing Director and by the Management Board if it
concerns other participants under the Option Plan. The options are
granted by way of an option agreement. In order to ensure that every
employee will participate in the potential value increase of the
Company for the part he or she has been contributing to, the exercise
price per option was equal to the average price of a DR on the relevant
stock exchange during the 90 days before the start of the employment
of the respective employee. The determination of the exercise price
has been adjusted during 2022. Employees that are eligible for the first
time (i.e. not participated in milestone 4), will have the lower of either
1) the exercise price based on the 90 days average before the start of
the employment or 2) the exercise price based on a straight line
method from the exercise price of the last person who was eligible for
options at the previous milestone to the 90 day average of the stock
price at the moment of the next milestone. The exercise price can
never be less than \u20ac10 per option. The options under the Option Plan
can be exercised within five years after the grant date.
| | | |
| Market capitalisation (\u20ac) | | |
| | > 100 stations operational | |
| | > 1 million euro in revenues in one calender year | |
| | > 250 stations operational | |
| | > 150 kW charging at >50% of our stations | |
| | > Company profitable for 12 months in a row | |
| | > 500 stations operational | |
| | > 100 million euro in revenues in one calender year | |
| | > 30% EBITDA margin for 12 months in a row | |
| | > 300 kW charging at >50% of our stations | |
| | > 1000 stations operational | |
Valuation of options
IFRS2 requires an entity to consider factors that knowledgeable,
willing market participants would consider in selecting the option
pricing model to apply. For example, many employee options have
long lives, are usually exercisable during the period between vesting
date and the end of the options\u2019 life, and are often exercised early.
These factors should be considered when estimating the grant date
fair value of the options. For many entities, this might preclude the use
of the Black-Scholes-Merton formula, which does not allow for the
possibility of exercise before the end of the option\u2019s life and may not
adequately reflect the effects of expected early exercise. It also does
not allow for the possibility that expected volatility and other model
inputs might vary over the option\u2019s life. Based on expert advice from
external consultants, management has valued issued options using the
Hull-White option valuation model which allows for the fact that
employees tend to exercise options during the exercise period \u2013 i.e.
after vesting, but prior to the expiration date for such options.
The cost of the options included in the income statement are as
follows
| | |
| | |
| | |
Options granted in years 2015-18 | | |
| | |
Total expense included in administrative expenses | | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-290": {
"value": "
In 2022, the average number of employees of the Group was 114 (2021 :
76). In the Netherlands, the average number of employees was 75
(2021: 54)
No options were awarded to personnel under Fastned Option Plans
during 2022. The options awarded in 2021 are included in the wages
and salaries of 2021 (\u20ac8.16 million), see note 22 for more details.
Pensions and other post-employment benefits
The Group operates defined contribution pension plans which require
contributions made to separately administered funds arranged for
staff in the Netherlands and UK. The cost of providing contributions
under the defined contribution plans is limited to the amount that the
Group agreed to contribute to the fund. Contributions are expensed
as incurred and presented in the statement of profit or loss. The assets
and liabilities of such plans are not included in the balance sheet of the
Group.
Fastned does not (yet) operate a company pension plan for staff in
Germany, Belgium, Switzerland and France. Pension arrangements for
these staff are made through contributions to insurance schemes and
through the state pensions funded by social security contributions.
These costs are expensed as incurred and presented in the statement
of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-291": {
"value": "Other operating expenses
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Total other operating expenses | | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-292": {
"value": "Finance costs
| | |
| | |
Interest on debts and borrowings | | |
Interest expense on lease liabilities | | |
Interest and bank charges | | |
| | |
| | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-293": {
"value": "Finance costs
| | |
| | |
Interest on debts and borrowings | | |
Interest expense on lease liabilities | | |
Interest and bank charges | | |
| | |
| | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-294": {
"value": "Finance costs
| | |
| | |
Interest on debts and borrowings | | |
Interest expense on lease liabilities | | |
Interest and bank charges | | |
| | |
| | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-295": {
"value": "Finance costs
| | |
| | |
Interest on debts and borrowings | | |
Interest expense on lease liabilities | | |
Interest and bank charges | | |
| | |
| | |
8.5Finance income
| | |
| | |
Interest and bank charges | | |
Foreign exchange gains/(losses) charged to the income statement | | |
| | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-296": {
"value": "Finance costs
| | |
| | |
Interest on debts and borrowings | | |
Interest expense on lease liabilities | | |
Interest and bank charges | | |
| | |
| | |
8.5Finance income
| | |
| | |
Interest and bank charges | | |
Foreign exchange gains/(losses) charged to the income statement | | |
| | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-297": {
"value": "Finance income
| | |
| | |
Interest and bank charges | | |
Foreign exchange gains/(losses) charged to the income statement | | |
| | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-298": {
"value": "Finance income
| | |
| | |
Interest and bank charges | | |
Foreign exchange gains/(losses) charged to the income statement | | |
| | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-299": {
"value": "Income tax
9.1Deferred tax
Deferred tax relates to the following:
| | | | | | |
| Statement of financial position | Statement of profit or loss |
| | | | | | |
Losses available for offsetting against future taxable income | | | | | | |
Total deferred tax/ (benefit) | | | | | | |
Reconciliation of deferred tax liabilities, net:
| | |
| | |
| | |
Tax income/(expense) during the period recognised in profit or loss | | |
| | |
The Group offsets tax assets and liabilities if and only if it has a legally
enforceable right to set off current tax assets and current tax liabilities
and the deferred tax assets and deferred tax liabilities relate to income
taxes levied by the same tax authority.
In the Netherlands as at year-end 2022, the Group has \u20ac21.1 million
(2021: \u20ac41.4 million) of accumulated tax losses that are available for
offsetting against future taxable profits. New Dutch tax loss utilisation
rules were substantively enacted in 2021 and result in an indefinite loss
carry-forward period as of 1 January 2022. However, losses can only be
fully deducted on an annual basis up to an amount of EUR 1 million plus
50% of the taxable profit that exceeds EUR 1 million.\u00a0
As of 2022, \u20ac40.5 million of costs have been activated in the
computation of taxable profit in the Netherlands, and are being
depreciated over 5 years. This amount is classified as unrecognised
temporary differences.
Outside the Netherlands, accumulated tax losses were approximately
\u20ac7.0m in Germany (2021: \u20ac5.7m), \u20ac11.0m in UK (2021: \u20ac2.8m), \u20ac2.5m in
Belgium (2021: \u20ac0.9m), and \u20ac3.7m in France (2021: \u20ac1.3m) and \u20ac1.5m in
Switzerland (2021: \u20ac0.9m). Tax losses in Germany, UK, Belgium and
France may be carried forward without time limitation. Tax losses in
Switzerland may be carried forward for 7 years.
Due to uncertainty about size and timing of future profits, the Group
has determined that it can not recognise deferred tax assets on the tax
losses carried forward. See also Note 3.
Accumulated tax losses by country
*Estimate, not finalised.
The applicable tax rate in 2022 in the Netherlands is 15% over the first
\u20ac395,000 and 25.8% over the remainder of the profit. Applicable tax
rates outside the Netherlands are 30% in Germany, 19% in the UK, 25%
in Belgium, 25% in France (2021: 26.5%) and 14.9% in Switzerland (2021:
14.9%).
Due to the tax loss realised in 2022 and previous years for which no
deferred tax asset is recognised in the statement of financial position,
the Group\u2019s effective tax rate is nil (2021: nil).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-300": {
"value": "Deferred tax
Deferred tax relates to the following:
| | | | | | |
| Statement of financial position | Statement of profit or loss |
| | | | | | |
Losses available for offsetting against future taxable income | | | | | | |
Total deferred tax/ (benefit) | | | | | | |
Reconciliation of deferred tax liabilities, net:
| | |
| | |
| | |
Tax income/(expense) during the period recognised in profit or loss | | |
| | |
The Group offsets tax assets and liabilities if and only if it has a legally
enforceable right to set off current tax assets and current tax liabilities
and the deferred tax assets and deferred tax liabilities relate to income
taxes levied by the same tax authority.
In the Netherlands as at year-end 2022, the Group has \u20ac21.1 million
(2021: \u20ac41.4 million) of accumulated tax losses that are available for
offsetting against future taxable profits. New Dutch tax loss utilisation
rules were substantively enacted in 2021 and result in an indefinite loss
carry-forward period as of 1 January 2022. However, losses can only be
fully deducted on an annual basis up to an amount of EUR 1 million plus
50% of the taxable profit that exceeds EUR 1 million.\u00a0
As of 2022, \u20ac40.5 million of costs have been activated in the
computation of taxable profit in the Netherlands, and are being
depreciated over 5 years. This amount is classified as unrecognised
temporary differences.
Outside the Netherlands, accumulated tax losses were approximately
\u20ac7.0m in Germany (2021: \u20ac5.7m), \u20ac11.0m in UK (2021: \u20ac2.8m), \u20ac2.5m in
Belgium (2021: \u20ac0.9m), and \u20ac3.7m in France (2021: \u20ac1.3m) and \u20ac1.5m in
Switzerland (2021: \u20ac0.9m). Tax losses in Germany, UK, Belgium and
France may be carried forward without time limitation. Tax losses in
Switzerland may be carried forward for 7 years.
Due to uncertainty about size and timing of future profits, the Group
has determined that it can not recognise deferred tax assets on the tax
losses carried forward. See also Note 3.
Accumulated tax losses by country
*Estimate, not finalised.
The applicable tax rate in 2022 in the Netherlands is 15% over the first
\u20ac395,000 and 25.8% over the remainder of the profit. Applicable tax
rates outside the Netherlands are 30% in Germany, 19% in the UK, 25%
in Belgium, 25% in France (2021: 26.5%) and 14.9% in Switzerland (2021:
14.9%).
Due to the tax loss realised in 2022 and previous years for which no
deferred tax asset is recognised in the statement of financial position,
the Group\u2019s effective tax rate is nil (2021: nil).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-301": {
"value": "Earnings per share
The combined earnings per share calculations are based on the average
number of share units (certificates) representing the certificates in
issue during the period. In calculating diluted earnings per share and
earnings per share adjustment is made to the number of shares for the
share options of personnel (Note 22).
As the conversion rights are anti-dilutive, diluted EPS is the same as
basic EPS.
| | |
Earnings per share (\u20ac) | | |
| | |
Diluted earnings per share | | |
| | |
Calculation of average number of share units | | |
Weighted average number of shares | | |
Effects of dilution from: | | |
- Share options of personnel | | |
| | |
| | |
Calculation of earnings (\u20ac\u2019000) | | |
| | |
Net profit attributable to shareholders\u2019 equity | | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-302": {
"value": "
The combined earnings per share calculations are based on the average
number of share units (certificates) representing the certificates in
issue during the period. In calculating diluted earnings per share and
earnings per share adjustment is made to the number of shares for the
share options of personnel (Note 22).
As the conversion rights are anti-dilutive, diluted EPS is the same as
basic EPS.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-303": {
"value": "-1.27",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShare",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"f-304": {
"value": "-1.27",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"f-305": {
"value": "-22202000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f-306": {
"value": "-22202000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f-307": {
"value": "Intangible assets
The Group\u2019s other intangible assets comprise site licences & permits,
trademarks and internally developed software. Details of the carrying
amounts are as follows:
| | | | | | | | |
| | |
| | Internally developed software | | | | Internally developed software | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Amortisation and impairment | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
At 31 December Net Book Value | | | | | | | | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-308": {
"value": "Intangible assets
The Group\u2019s other intangible assets comprise site licences & permits,
trademarks and internally developed software. Details of the carrying
amounts are as follows:
| | | | | | | | |
| | |
| | Internally developed software | | | | Internally developed software | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Amortisation and impairment | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
At 31 December Net Book Value | | | | | | | | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-309": {
"value": "Property, plant and equipment
| | | | | | | | | |
| | | | | Charging stations and technical installations | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Depreciation and impairment | | | | | | | | | |
| | | | | | | | | |
Depreciation charge for the year | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Depreciation charge for the year | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Assets under construction amounting to \u20ac27.72 million (2021: \u20ac36.27
million) mainly consists of machinery, equipments and furnishings to
charging stations.
Transfer movements mainly includes transfers of finished works to
charging stations amounting to \u20ac 51.66 million (2021: \u20ac28.23 million)
from construction in progress to charging stations.
A subsidy, amounting to \u20ac2,327 thousand, which Fastned had received
from the German Federal authorities in 2017 became repayable due
one of the conditions for the subsidy award not being met. The
subsidy amount plus interest of \u20ac250 thousand was repaid in 2022.
The repayment has been accounted for in accordance with IAS20 as a
change of accounting estimate. The repaid grant has been recognised
by increasing the carrying amount of the asset, and the cumulative
additional depreciation (\u20ac356 thousand) that would have been
recognised in profit or loss to date in the absence of the grant,
together with the interest of \u20ac250 thousand have been recognised as
costs in the 2022 income statement.
Capitalised borrowing costs
Due to the short term of building time of the charging stations, no
interest is capitalised as it is not deemed material. The amount of
borrowing costs capitalised during the year ended 31 December 2022
was Nil (2021: Nil).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-310": {
"value": "
Impairment assessment
IAS 36 Impairment of Assets requires entities to perform an
impairment test (i.e., estimate the recoverable amount of the affected
cash generating unit (CGU) at the end of each reporting period when
there is any indication that the cash generating unit may be impaired.
Fasted has defined CGU\u2019s based on the geographic area where
charging stations are located. In 2022 the Board of Directors
identified CGU\u2019s as the Netherlands, Germany, Belgium, United
Kingdom, Switzerland and France.
A cash-generating unit is the smallest identifiable group of assets that
generates cash inflows that are largely independent of the cash
inflows from other assets or groups of assets. Individual Fastned
stations are not seen as generating independent cash inflows due to:
\u2022The importance of the Fastned brand, station design, and
network with national coverage.
\u2022Substitution between stations, i.e., if a site is closed
customers will divert to the next closest site or next on-route
site. The market for Fastned is EV drivers travelling longer
distances on/close to motorway attracted to a network of sites
with good geographical coverage.
\u2022Management performance monitoring and allocation of
available capex budget is determined on a country level.
\u2022Furthermore, there are shared cash outflows for costs of
shared infrastructure (centralized purchasing, customer
support and systems).
Management has determined the recoverable amount of property, plant
and equipment and right of use assets (see note 13) as at 31 December
2022 by assessing their value in use. No impairment was identified.
Key assumptions underlying the calculation of recoverable amount are
shown in the table below.
| | | | | | | |
Impairment test assumptions | | | | | | | |
BEVs on road as % of total passenger car fleet at year end. | | | | | | | |
| | | | | | |
Average charging speed (kWh) estimated for assets in current condition | | |
| |
| | | | | | | |
\u2022The number of fully electric vehicles on the road
Fastned\u2019s management\u2019s view of the most reasonable and
supportable estimate of the number of BEVs in the
Netherlands is based on estimates provided by an
independent market analyst. Slower sales of BEVs (e.g.,
possibly due to fiscal changes) may result in fewer BEVs on the
road and subsequently in lower demand for fast charging. A
decreased demand can lead to a decline in revenues.
\u2022Driving patterns and market share assumptions
BEV drivers have a choice between charging at home, at the
office, at public slow charging poles, or at fast charging
stations along the highway and high traffic urban areas. How
customer behaviour will develop is still unclear and will have
an impact on potential revenues of Fastned, but management
expects that the share of fast charging will increase.
\u2022Electricity prices
Electricity prices have been volatile during 2021-22. Despite
this Fastned has been able to realise targetted gross margins
per kwh. Going forward, management expects that Fastned
will be able to maintain a stable margin. If the cost price of
renewable electricity were to increase due to unforeseen
factors and Fastned were unable to increase its sales prices
then this would negatively impact the Group\u2019s margins.
\u2022Discount rates
When calculating Value in Use, IFRS requires companies to use
a rate that reflects current market assessments of the time
value of money and the risks specific to the asset is the return
that investors would require if they were to choose an
investment that would generate cash flows of amounts, timing
and risk profile equivalent to those that the entity expects to
derive from the asset. Following an analysis of risks and market
conditions, including rates for comparable peer entities, and
making use of the widely known CAPM model, a post-tax
WACC rate of 15% (2021:15%) was computed. The pre-tax
discount rates per CGU are shown in the table above. No
impairment would be required unless the pre-tax discount
rate applied were to be increased above 25% (all CGUs except
France) and 18.4% (France).
\u2022Growth rate estimates
Management recognises that the speed of technological
change and the possibility of new entrants can have a
significant impact on the number of customer visits to
Fastned charging stations and consequently on revenue
growth. The trend increase in kWh charged per session is
expected to continue due to improvements in battery
technology, new car models with a longer driving range, and
improvement in charger technology.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-311": {
"value": "Right-of-use assets
| | | | | | | | | |
| | | | | Charging stations and equipment | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Depreciation and impairment | | | | | | | | | |
| | | | | | | | | |
Depreciation charge for the year | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Depreciation charge for the year | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
management assesses on a forward looking basis the expected credit
losses associated with its debt instruments carried at amortised cost.
The agreement to defer repayment of the loan to Fastned Terra 1 B.V. is
evidence that the loan is credit-impaired. In 2022 an impairment
charge of \u20ac452 thousand has been included in the income statement
for the expected credit loss during the life of the loan to Fastned Terra
1 B.V.
Credit facility to Fastned Terra 1 B.V.
Fastned Terra 1 B.V. has a credit facility with the Group. At 31
December 2022 this facility was unused (2021: \u20acnil). This facility is
related to the loan to Fastned Terra 1 B.V. and its purpose is to provide
working capital.
In determining the expected credit losses for the loans to Fastned
Terra 1 B.V. , the directors of the Company have taken into account the
historical default experience, the financial position of the
counterparties, and the security attaching to the loans as well as the
future prospects for the electric vehicle charging industry. See also
note 14.6, credit risk section.
Pledged assets
The Group has \u20ac2.7 million of restricted cash related to construction
and operating guarantees provided in relation to French stations in
2022.
Lease receivable
Fastned recognises lease receivables for a finance leasing
arrangement as a lessor of a commercial space to a lessee to operate a
shop at one station location. The commercial space is attached to the
station to be renovated by Fastned. A new lease contract will be
drafted when the station is operational. Fastned is not exposed to
foreign currency risk as it is denominated in Euros.
Amounts receivable under finance lease:
| | |
| | |
| | |
| | |
| | |
Undiscounted lease payments | | |
| | |
Present value of lease payments receivable,net | | |
| | |
| | |
Construction service arrangements financial assets
Fastned recognises a financial asset to the extent that it has an
unconditional contractual right to receive cash or another financial
asset from or at the direction of the public sector entity granting the
service arrangement.
Amounts related to construction contracts:
| | |
| | |
| | |
Released to profit or loss | | |
| | |
14.3Financial liabilities: Interest-bearing loans and borrowings
| | | | |
Interest-bearing loans and borrowings | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total interest-bearing loans and borrowings | | | | |
Unsecured bonds
In June 2022, Fastned raised \u20ac23.1 million through issue of corporate
bonds, and in addition, investors extended \u20ac7.3 million from earlier
bonds issues. Interest on this bond is 5.0% per annum, payable
quarterly in arrears. In December 2022, Fastned raised an additional
\u20ac10.9 million of corporate bonds and \u20ac2.3 million of extensions from
earlier bonds issues. Interest on this bond is 5.0% per annum, payable
in quarterly arrears.
The Group is entitled to repay all or part of all outstanding bonds at
any time. The bonds mature after 5 years. The purpose of the bond is
to finance new stations and operating expenses. There are no
securities for the bonds and there are no covenants applicable that
could require Fastned to repay any of the loans. The bonds are not
subordinated and trading is very limited as they are not registered on
any exchange.
Secured loan
Fastned secured a new loan with Caisse des D\u00e9p\u00f4ts during 2022.
Interest is a fixed component of 4% in the first two years. A variable
component will be added after two years, based on the kwh sold,
payable annually in arrears.
14.4Reconciliation of liabilities arising from financing activities
| | | | | | | | |
| | | | | | |
| | | | | | | | |
Financial assets: interest bearing loans and borrowings | | | | | | | | |
Loan to Fastned Terra 1 B.V. | | | | | | | | |
Credit facility to Fastned Terra 1 B.V. | | | | | | | | |
Current account Fastned Terra 1 B.V. | | | | | | | | |
| | | | | | | | |
Non-current liabilities : interest bearing loans and borrowings | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | |
| | | | | | | | |
Financial assets: interest bearing loans and borrowings | | | | | | | | |
Loan to Fastned Terra 1 B.V. | | | | | | | | |
Credit facility to Fastned Terra 1 B.V.16 | | | | | | | | |
Current account Fastned Terra 1 B.V. | | | | | | | | |
| | | | | | | | |
Non-current liabilities : interest bearing loans and borrowings | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
16 Up until acquisition of Fastned Terra 2 B.V. on 1 August 202014.5Fair values
Set out below is a comparison, by class, of the carrying amounts and
fair value of financial instruments, other than those with carrying
amounts that are reasonable approximations of fair values:
| | | | |
| | Fair value measurement using significant unobservable inputs |
| | | | |
| | | | |
Interest-bearing loans and borrowings, net | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Interest-bearing loans and borrowings | | | | |
| | | | |
Management assessed that cash and cash equivalents, trade and other
receivables, trade and other payables, and other current liabilities
approximate to their carrying amounts largely due to the short-term
maturities of these instruments.
The fair value of the interest-bearing loans and borrowings is included
at the amount at which the instrument could be exchanged in a
current transaction between willing parties, other than in a forced or
liquidation sale. The following methods and assumptions were used to
estimate the fair values:
\u2022Long-term fixed-rate borrowings are evaluated by the Group
based on parameters such as interest rates and the risk
characteristics of the financed project.
\u2022The fair value of the interest-bearing loans and borrowings is
estimated by discounting future cash flows using rates
currently available for debt on similar terms, credit risk and
remaining maturities, being sensitive to a reasonably possible
change in the forecast cash flows or the discount rate.
Management regularly assesses a range of reasonably possible
alternatives for those significant unobservable inputs and determines
their impact on the total fair value.
14.6Financial risk management objectives and policies
The Group\u2019s principal financial instruments comprise loans and
borrowings, trade and other payables. The main purpose of these
financial liabilities is to finance the Group\u2019s operations. The Group\u2019s
principal financial instruments include trade and other receivables and
cash and cash equivalents that derive directly from its operations.
The Group is exposed to interest risk, credit risk and liquidity risk. The
Group\u2019s senior management oversees the management of these risks.
It is the Group\u2019s policy that no trading in derivatives for speculative
purposes may be undertaken. The Board of Directors reviews and
agrees policies for managing each of these risks, which are
summarised below.
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a
financial instrument will fluctuate because of changes in market
interest rates. The Group\u2019s exposure to the risk of changes in market
interest rates is low due to the Group\u2019s long-term debt obligations
with fixed rates.
Commodity price risk
The Group is affected by the price volatility of certain commodities. Its
operating activities require the ongoing purchase of electricity and
therefore require a continuous supply of electricity. The Group
purchases electricity on the spot wholesale market. As the energy
costs are a relatively small part of the P&L and Fastned has the ability
to increase sales prices to account for increases in electricity prices,
energy costs are not hedged. There are no financial instruments
related to commodity price risk.
The Group\u2019s Board of Directors has developed and enacted a risk
management strategy for commodity price risk and its mitigation.
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations
under a financial instrument or customer contract, leading to a
financial loss. The Group is exposed to credit risk from its operating
activities (primarily trade receivables, see Note 15) and from its
financing activities, including deposits with banks and financial
institutions, (refer to Note 16) and other financial instruments.
Fastned B.V. has a loan receivable of \u20ac1.24 million in total with Fastned
Terra 1 B.V. (refer to Note 14.2), which creates a credit risk. The
chargers owned by Fastned Terra 1 B.V. form a security for these loans.
Trade receivables
A large portion of revenues is collected via direct debit or credit and
debit cards from private individuals. The associated credit risk is low
because the risk is spread over a large number of individual customers.
Receivables from charge card providers are invoiced monthly, and
spread over a small number of charge card providers, and monitored
to ensure no build up of overdue amounts.
Financial instruments and cash deposits
Credit risk from balances with banks and financial institutions is
managed in accordance with the Group\u2019s policy. Investments of
surplus funds are made only within credit limits assigned to each
counterparty. Counterparty credit limits are reviewed by the Group\u2019s
Board of Directors on an annual basis, and may be updated throughout
the year. The limits are set to minimise the concentration of risks and
therefore mitigate financial loss through a counterparty\u2019s potential
failure to make payments.
Liquidity risk
The Group monitors its risk of a shortage of funds using a liquidity
planning tool. See also the going concern statement in Note 1.
The Group\u2019s objective is to realise its mission and therefore during the
scale up phase continuity of funding is required, while maintaining a
balance between debt and equity. The Group manages the liquidity
risk by regularly issuing new equity and through entering long-term
debt agreements to ensure sufficient liquidity and to repay debts as
they fall due.
The table below summarises the maturity profile of the Group\u2019s liabilities based on contractual undiscounted payments.
| | | | | |
| | | | | |
Year ended 31 December 2022 | | | | | |
Interest-bearing loans and borrowings (other than convertible preference shares) | | | | | |
Interest on interest-bearing loans and borrowings | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Year ended 31 December 2021 | | | | | |
Interest-bearing loans and borrowings (other than convertible preference shares) | | | | | |
Interest on interest-bearing loans and borrowings | | | | | |
| | | | | |
| | | | | |
| | | | | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-313": {
"value": "Reconciliation of liabilities arising from financing activities
| | | | | | | | |
| | | | | | |
| | | | | | | | |
Financial assets: interest bearing loans and borrowings | | | | | | | | |
Loan to Fastned Terra 1 B.V. | | | | | | | | |
Credit facility to Fastned Terra 1 B.V. | | | | | | | | |
Current account Fastned Terra 1 B.V. | | | | | | | | |
| | | | | | | | |
Non-current liabilities : interest bearing loans and borrowings | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | |
| | | | | | | | |
Financial assets: interest bearing loans and borrowings | | | | | | | | |
Loan to Fastned Terra 1 B.V. | | | | | | | | |
Credit facility to Fastned Terra 1 B.V.16 | | | | | | | | |
Current account Fastned Terra 1 B.V. | | | | | | | | |
| | | | | | | | |
Non-current liabilities : interest bearing loans and borrowings | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-314": {
"value": "Fair values
Set out below is a comparison, by class, of the carrying amounts and
fair value of financial instruments, other than those with carrying
amounts that are reasonable approximations of fair values:
| | | | |
| | Fair value measurement using significant unobservable inputs |
| | | | |
| | | | |
Interest-bearing loans and borrowings, net | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Interest-bearing loans and borrowings | | | | |
| | | | |
Management assessed that cash and cash equivalents, trade and other
receivables, trade and other payables, and other current liabilities
approximate to their carrying amounts largely due to the short-term
maturities of these instruments.
The fair value of the interest-bearing loans and borrowings is included
at the amount at which the instrument could be exchanged in a
current transaction between willing parties, other than in a forced or
liquidation sale. The following methods and assumptions were used to
estimate the fair values:
\u2022Long-term fixed-rate borrowings are evaluated by the Group
based on parameters such as interest rates and the risk
characteristics of the financed project.
\u2022The fair value of the interest-bearing loans and borrowings is
estimated by discounting future cash flows using rates
currently available for debt on similar terms, credit risk and
remaining maturities, being sensitive to a reasonably possible
change in the forecast cash flows or the discount rate.
Management regularly assesses a range of reasonably possible
alternatives for those significant unobservable inputs and determines
their impact on the total fair value.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-315": {
"value": "Fair values
Set out below is a comparison, by class, of the carrying amounts and
fair value of financial instruments, other than those with carrying
amounts that are reasonable approximations of fair values:
| | | | |
| | Fair value measurement using significant unobservable inputs |
| | | | |
| | | | |
Interest-bearing loans and borrowings, net | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Interest-bearing loans and borrowings | | | | |
| | | | |
Management assessed that cash and cash equivalents, trade and other
receivables, trade and other payables, and other current liabilities
approximate to their carrying amounts largely due to the short-term
maturities of these instruments.
The fair value of the interest-bearing loans and borrowings is included
at the amount at which the instrument could be exchanged in a
current transaction between willing parties, other than in a forced or
liquidation sale. The following methods and assumptions were used to
estimate the fair values:
\u2022Long-term fixed-rate borrowings are evaluated by the Group
based on parameters such as interest rates and the risk
characteristics of the financed project.
\u2022The fair value of the interest-bearing loans and borrowings is
estimated by discounting future cash flows using rates
currently available for debt on similar terms, credit risk and
remaining maturities, being sensitive to a reasonably possible
change in the forecast cash flows or the discount rate.
Management regularly assesses a range of reasonably possible
alternatives for those significant unobservable inputs and determines
their impact on the total fair value.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-316": {
"value": "Financial risk management objectives and policies
The Group\u2019s principal financial instruments comprise loans and
borrowings, trade and other payables. The main purpose of these
financial liabilities is to finance the Group\u2019s operations. The Group\u2019s
principal financial instruments include trade and other receivables and
cash and cash equivalents that derive directly from its operations.
The Group is exposed to interest risk, credit risk and liquidity risk. The
Group\u2019s senior management oversees the management of these risks.
It is the Group\u2019s policy that no trading in derivatives for speculative
purposes may be undertaken. The Board of Directors reviews and
agrees policies for managing each of these risks, which are
summarised below.
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a
financial instrument will fluctuate because of changes in market
interest rates. The Group\u2019s exposure to the risk of changes in market
interest rates is low due to the Group\u2019s long-term debt obligations
with fixed rates.
Commodity price risk
The Group is affected by the price volatility of certain commodities. Its
operating activities require the ongoing purchase of electricity and
therefore require a continuous supply of electricity. The Group
purchases electricity on the spot wholesale market. As the energy
costs are a relatively small part of the P&L and Fastned has the ability
to increase sales prices to account for increases in electricity prices,
energy costs are not hedged. There are no financial instruments
related to commodity price risk.
The Group\u2019s Board of Directors has developed and enacted a risk
management strategy for commodity price risk and its mitigation.
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations
under a financial instrument or customer contract, leading to a
financial loss. The Group is exposed to credit risk from its operating
activities (primarily trade receivables, see Note 15) and from its
financing activities, including deposits with banks and financial
institutions, (refer to Note 16) and other financial instruments.
Fastned B.V. has a loan receivable of \u20ac1.24 million in total with Fastned
Terra 1 B.V. (refer to Note 14.2), which creates a credit risk. The
chargers owned by Fastned Terra 1 B.V. form a security for these loans.
Trade receivables
A large portion of revenues is collected via direct debit or credit and
debit cards from private individuals. The associated credit risk is low
because the risk is spread over a large number of individual customers.
Receivables from charge card providers are invoiced monthly, and
spread over a small number of charge card providers, and monitored
to ensure no build up of overdue amounts.
Financial instruments and cash deposits
Credit risk from balances with banks and financial institutions is
managed in accordance with the Group\u2019s policy. Investments of
surplus funds are made only within credit limits assigned to each
counterparty. Counterparty credit limits are reviewed by the Group\u2019s
Board of Directors on an annual basis, and may be updated throughout
the year. The limits are set to minimise the concentration of risks and
therefore mitigate financial loss through a counterparty\u2019s potential
failure to make payments.
Liquidity risk
The Group monitors its risk of a shortage of funds using a liquidity
planning tool. See also the going concern statement in Note 1.
The Group\u2019s objective is to realise its mission and therefore during the
scale up phase continuity of funding is required, while maintaining a
balance between debt and equity. The Group manages the liquidity
risk by regularly issuing new equity and through entering long-term
debt agreements to ensure sufficient liquidity and to repay debts as
they fall due.
The table below summarises the maturity profile of the Group\u2019s liabilities based on contractual undiscounted payments.
| | | | | |
| | | | | |
Year ended 31 December 2022 | | | | | |
Interest-bearing loans and borrowings (other than convertible preference shares) | | | | | |
Interest on interest-bearing loans and borrowings | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Year ended 31 December 2021 | | | | | |
Interest-bearing loans and borrowings (other than convertible preference shares) | | | | | |
Interest on interest-bearing loans and borrowings | | | | | |
| | | | | |
| | | | | |
| | | | | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-317": {
"value": "
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a
financial instrument will fluctuate because of changes in market
interest rates. The Group\u2019s exposure to the risk of changes in market
interest rates is low due to the Group\u2019s long-term debt obligations
with fixed rates.
Commodity price risk
The Group is affected by the price volatility of certain commodities. Its
operating activities require the ongoing purchase of electricity and
therefore require a continuous supply of electricity. The Group
purchases electricity on the spot wholesale market. As the energy
costs are a relatively small part of the P&L and Fastned has the ability
to increase sales prices to account for increases in electricity prices,
energy costs are not hedged. There are no financial instruments
related to commodity price risk.
The Group\u2019s Board of Directors has developed and enacted a risk
management strategy for commodity price risk and its mitigation.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-318": {
"value": "
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations
under a financial instrument or customer contract, leading to a
financial loss. The Group is exposed to credit risk from its operating
activities (primarily trade receivables, see Note 15) and from its
financing activities, including deposits with banks and financial
institutions, (refer to Note 16) and other financial instruments.
Fastned B.V. has a loan receivable of \u20ac1.24 million in total with Fastned
Terra 1 B.V. (refer to Note 14.2), which creates a credit risk. The
chargers owned by Fastned Terra 1 B.V. form a security for these loans.
Trade receivables
A large portion of revenues is collected via direct debit or credit and
debit cards from private individuals. The associated credit risk is low
because the risk is spread over a large number of individual customers.
Receivables from charge card providers are invoiced monthly, and
spread over a small number of charge card providers, and monitored
to ensure no build up of overdue amounts.
Financial instruments and cash deposits
Credit risk from balances with banks and financial institutions is
managed in accordance with the Group\u2019s policy. Investments of
surplus funds are made only within credit limits assigned to each
counterparty. Counterparty credit limits are reviewed by the Group\u2019s
Board of Directors on an annual basis, and may be updated throughout
the year. The limits are set to minimise the concentration of risks and
therefore mitigate financial loss through a counterparty\u2019s potential
failure to make payments.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-319": {
"value": "
Liquidity risk
The Group monitors its risk of a shortage of funds using a liquidity
planning tool. See also the going concern statement in Note 1.
The Group\u2019s objective is to realise its mission and therefore during the
scale up phase continuity of funding is required, while maintaining a
balance between debt and equity. The Group manages the liquidity
risk by regularly issuing new equity and through entering long-term
debt agreements to ensure sufficient liquidity and to repay debts as
they fall due.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-320": {
"value": "Trade and other receivables and prepayments
| | |
| | |
| | |
Taxes and social securities | | |
| | |
| | |
Total trade and other receivables and prepayments | | |
The Group applies the IFRS 9 simplified model of recognising lifetime
expected credit losses for all trade receivables as these items do not
have a significant financing component. In measuring the expected
credit losses, the trade receivables have been assessed on a collective
basis as they possess shared credit risk characteristics. They have
been grouped based on the days past due.
Trade receivables are written off (i.e. derecognised) when there is no
reasonable expectation of recovery. Failure to make payments within
365 days from the invoice date and failure to engage with the Group
on alternative payment arrangements amongst others are considered
indicators of no reasonable expectation of recovery. Trade receivables
are non-interest bearing and are generally on terms of 14 days. As at 31
December 2022, the provision for trade receivables amounted to \u20ac131
thousand.
As at 31 December 2022, the ageing analysis of trade receivables is, as
follows:
As at 31 December 2021, the ageing analysis of trade receivables is, as
follows:
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-321": {
"value": "Trade and other receivables and prepayments
| | |
| | |
| | |
Taxes and social securities | | |
| | |
| | |
Total trade and other receivables and prepayments | | |
The Group applies the IFRS 9 simplified model of recognising lifetime
expected credit losses for all trade receivables as these items do not
have a significant financing component. In measuring the expected
credit losses, the trade receivables have been assessed on a collective
basis as they possess shared credit risk characteristics. They have
been grouped based on the days past due.
Trade receivables are written off (i.e. derecognised) when there is no
reasonable expectation of recovery. Failure to make payments within
365 days from the invoice date and failure to engage with the Group
on alternative payment arrangements amongst others are considered
indicators of no reasonable expectation of recovery. Trade receivables
are non-interest bearing and are generally on terms of 14 days. As at 31
December 2022, the provision for trade receivables amounted to \u20ac131
thousand.
As at 31 December 2022, the ageing analysis of trade receivables is, as
follows:
As at 31 December 2021, the ageing analysis of trade receivables is, as
follows:
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-322": {
"value": "
| | |
| | |
| | |
Taxes and social securities | | |
| | |
| | |
Total trade and other receivables and prepayments | | |
Trade and other payables
| | |
| | |
| | |
| | |
Taxes and social securities | | |
| | |
Total trade and other payables | | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-323": {
"value": "
The Group applies the IFRS 9 simplified model of recognising lifetime
expected credit losses for all trade receivables as these items do not
have a significant financing component. In measuring the expected
credit losses, the trade receivables have been assessed on a collective
basis as they possess shared credit risk characteristics. They have
been grouped based on the days past due.
Trade receivables are written off (i.e. derecognised) when there is no
reasonable expectation of recovery. Failure to make payments within
365 days from the invoice date and failure to engage with the Group
on alternative payment arrangements amongst others are considered
indicators of no reasonable expectation of recovery. Trade receivables
are non-interest bearing and are generally on terms of 14 days. As at 31
December 2022, the provision for trade receivables amounted to \u20ac131
thousand.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-324": {
"value": "Cash
| | |
| | |
| | |
Cash at banks and on hand | | |
Total cash and cash equivalents | | |
Cash at banks earns, or is charged, interest at floating rates based on
daily bank deposit rates. Cash includes all cash-on-hand balances and
credit card receivables.
Cash at banks and on hand includes demand deposits \u20ac105.0 million
(2021: nil) with a maturity of three months or less.
Cash and cash equivalents are current account balances,
concentrated at one bank under supervision of the Dutch Central Bank
with an A or equivalent long term rating.
At 31 December 2022, the Group had no restricted cash balances
.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-325": {
"value": "
At 31 December 2022, the Group had no restricted cash balances
.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-326": {
"value": "Issued capital and reserves
| | |
| | |
| | |
| | |
Authorised shares of \u20ac0.01 each | | |
Issued and fully paid shares of \u20ac0.01 each17 | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
The shares do carry voting rights. Holders of the DR's do not have
voting rights and have the right to attend the General Meetings to
speak at such meetings. They also have the right to appoint the
members of the board of FAST upon nomination by the board of FAST.
During 2022, 88,261 DRs were issued to employees and former
employees exercising options under Fastned option plans. Employee
17 Total issued shares includes treasury shares.options for 456,328 DRs were outstanding as at 31 December 2022,
see note 22.
| | |
| | |
| | |
Issuance of share capital (certificates) | | |
Transaction costs for issued share capital (certificates) | | |
| | |
Issuance of share capital (certificates) | | |
Transaction costs for issued share capital (certificates) | | |
| | |
| | |
| | |
| | |
Shares returned to Fastned | | |
| | |
To facilitate administration of the Employee share option scheme, a
number of shares may be issued in advance by FAST and DRs
transferred to Fastned BV. These shares are not included within
Treasury shares since no consideration has yet been received for
them. As at 31 December 2022 97,870 such DRs were held by Fastned
BV.
All other reserves are as stated in the statement of changes in equity.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-327": {
"value": "Issued capital and reserves
| | |
| | |
| | |
| | |
Authorised shares of \u20ac0.01 each | | |
Issued and fully paid shares of \u20ac0.01 each17 | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
The shares do carry voting rights. Holders of the DR's do not have
voting rights and have the right to attend the General Meetings to
speak at such meetings. They also have the right to appoint the
members of the board of FAST upon nomination by the board of FAST.
During 2022, 88,261 DRs were issued to employees and former
employees exercising options under Fastned option plans. Employee
17 Total issued shares includes treasury shares.options for 456,328 DRs were outstanding as at 31 December 2022,
see note 22.
| | |
| | |
| | |
Issuance of share capital (certificates) | | |
Transaction costs for issued share capital (certificates) | | |
| | |
Issuance of share capital (certificates) | | |
Transaction costs for issued share capital (certificates) | | |
| | |
| | |
| | |
| | |
Shares returned to Fastned | | |
| | |
To facilitate administration of the Employee share option scheme, a
number of shares may be issued in advance by FAST and DRs
transferred to Fastned BV. These shares are not included within
Treasury shares since no consideration has yet been received for
them. As at 31 December 2022 97,870 such DRs were held by Fastned
BV.
All other reserves are as stated in the statement of changes in equity.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-328": {
"value": "
| | |
| | |
| | |
Shares returned to Fastned | | |
| | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-329": {
"value": "Trade and other payables
| | |
| | |
| | |
| | |
Taxes and social securities | | |
| | |
Total trade and other payables | | |
Other liabilities include contractual liability from construction
contracts amounting to nil(2021: \u20ac10 thousand).
Terms and conditions of the above liabilities:
\u2022Trade payables are non-interest bearing and are normally
settled on 30-day terms
\u2022Other payables are non-interest bearing and have a term of
one month to six months
\u2022Please refer to Note 14.6 for the maturity profile of the
liabilities.
For explanations on the Group\u2019s credit risk management processes,
refer to Note 14.6.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-330": {
"value": "Trade and other payables
| | |
| | |
| | |
| | |
Taxes and social securities | | |
| | |
Total trade and other payables | | |
Other liabilities include contractual liability from construction
contracts amounting to nil(2021: \u20ac10 thousand).
Terms and conditions of the above liabilities:
\u2022Trade payables are non-interest bearing and are normally
settled on 30-day terms
\u2022Other payables are non-interest bearing and have a term of
one month to six months
\u2022Please refer to Note 14.6 for the maturity profile of the
liabilities.
For explanations on the Group\u2019s credit risk management processes,
refer to Note 14.6.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-331": {
"value": "Trade and other payables
| | |
| | |
| | |
| | |
Taxes and social securities | | |
| | |
Total trade and other payables | | |
Other liabilities include contractual liability from construction
contracts amounting to nil(2021: \u20ac10 thousand).
Terms and conditions of the above liabilities:
\u2022Trade payables are non-interest bearing and are normally
settled on 30-day terms
\u2022Other payables are non-interest bearing and have a term of
one month to six months
\u2022Please refer to Note 14.6 for the maturity profile of the
liabilities.
For explanations on the Group\u2019s credit risk management processes,
refer to Note 14.6.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-332": {
"value": "Provisions
Provisions are recognised where a legal or constructive obligation
exists at the balance sheet date, as a result of a past event where the
amount of the obligation can be reliably estimated and where the
outflow of economic benefit is probable.
The Group records provisions for the removal of the charging station
at the end of the concession period.
| | | |
| | | Decommissioning provision |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-333": {
"value": "Provisions
Provisions are recognised where a legal or constructive obligation
exists at the balance sheet date, as a result of a past event where the
amount of the obligation can be reliably estimated and where the
outflow of economic benefit is probable.
The Group records provisions for the removal of the charging station
at the end of the concession period.
| | | |
| | | Decommissioning provision |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-334": {
"value": "Deferred revenues
Deferred revenues of \u20ac314,000 (2021: \u20ac355,000) relate to various pre-
paid long-term vouchers for supply of electricity to customers, the
Fastned Founders Club, and subsidies received in advance of
construction of charging stations.
The Fastned Founders Club is a special group of investors that have all
invested a minimum of \u20ac25,000 (in primary issuance of certificates) in
the issuance on NPEX in 2014\u20132015, or, invested a minimum of
\u20ac50,000 (in primary issuance of certificates) in the issuance on
Nxchange in 2016. On 31 December 2022, there were 39 members in
this Club. The members of the Fastned Founders Club have the rights
to charge for free at Fastned for the rest of their lives, as long as they
they hold these Fastned certificates. In 2022, Fastned Founders have
charged 49,400 kWh (2021: 36,043 kWh) for free.
| | |
| | |
| | |
| | |
| | |
Subscriptions and subsidies deferred | | |
Released to the statement of profit or loss | | |
| | |
| | |
| | |
| | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-335": {
"value": "Share-based payments
Movements during the year
The following table shows the number and weighted average exercise
price (WAEP) of, and movements in, employee options on certificates
of shares during the year:
| | | | |
| | |
| | | |
| | | |
| | | | |
| | | | |
Forfeited during the year | | | | |
Exercised during the year | | | | |
| | | | |
Outstanding at 31 December | | | | |
Exercisable at 31 December | | | | |
Included in the table above are options granted to Victor van Dijk,
director of Fastned BV, who held 9,562 options as at 31 December
2022 (2021: 9,562).
Of the options outstanding at 31 December 2022 456,238 are
exercisable at prices per DR between \u20ac10 and \u20ac13.95, and 1,594
options at \u20ac49.76.
Option plans
Prior to establishment of the present Option Plan on 17 May 2018
(\u201c2018 Option Plan\u201d), Fastned B.V. had an employee option plan in
place under which the Company granted a total of 365,411 options to
eligible employees (2015: 89,175, 2017: 113,345 and 2018: 162,891).As at
31 December 2022 223,918 of these options remained unexercised.
These equity-settled options granted under the previous Option Plan
are subject to a three-year vesting period. Vested options under the
plan can be exercised during a period within five years following the
vesting date.
Under the 2018 Option Plan, ten milestones are defined, being a
combination of an operational goal and the market capitalisation of
the Company. Each time a milestone is met, the Company will allocate
options for newly to be issued Depositary Receipts (\u201cDRs\u201d) to its
employees for a total of 1% of the then outstanding number of DRs.
The allocation of these options depends on the role and
responsibilities of the employee in the organisation. The criteria for
the granting of options will be determined by the Supervisory Board if
it concerns a Managing Director and by the Management Board if it
concerns other participants under the Option Plan. The options are
granted by way of an option agreement. In order to ensure that every
employee will participate in the potential value increase of the
Company for the part he or she has been contributing to, the exercise
price per option was equal to the average price of a DR on the relevant
stock exchange during the 90 days before the start of the employment
of the respective employee. The determination of the exercise price
has been adjusted during 2022. Employees that are eligible for the first
time (i.e. not participated in milestone 4), will have the lower of either
1) the exercise price based on the 90 days average before the start of
the employment or 2) the exercise price based on a straight line
method from the exercise price of the last person who was eligible for
options at the previous milestone to the 90 day average of the stock
price at the moment of the next milestone. The exercise price can
never be less than \u20ac10 per option. The options under the Option Plan
can be exercised within five years after the grant date.
| | | |
| Market capitalisation (\u20ac) | | |
| | > 100 stations operational | |
| | > 1 million euro in revenues in one calender year | |
| | > 250 stations operational | |
| | > 150 kW charging at >50% of our stations | |
| | > Company profitable for 12 months in a row | |
| | > 500 stations operational | |
| | > 100 million euro in revenues in one calender year | |
| | > 30% EBITDA margin for 12 months in a row | |
| | > 300 kW charging at >50% of our stations | |
| | > 1000 stations operational | |
Valuation of options
IFRS2 requires an entity to consider factors that knowledgeable,
willing market participants would consider in selecting the option
pricing model to apply. For example, many employee options have
long lives, are usually exercisable during the period between vesting
date and the end of the options\u2019 life, and are often exercised early.
These factors should be considered when estimating the grant date
fair value of the options. For many entities, this might preclude the use
of the Black-Scholes-Merton formula, which does not allow for the
possibility of exercise before the end of the option\u2019s life and may not
adequately reflect the effects of expected early exercise. It also does
not allow for the possibility that expected volatility and other model
inputs might vary over the option\u2019s life. Based on expert advice from
external consultants, management has valued issued options using the
Hull-White option valuation model which allows for the fact that
employees tend to exercise options during the exercise period \u2013 i.e.
after vesting, but prior to the expiration date for such options.
The cost of the options included in the income statement are as
follows
| | |
| | |
| | |
Options granted in years 2015-18 | | |
| | |
Total expense included in administrative expenses | | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-336": {
"value": "Commitments and contingencies
Lease commitments \u2014 Group as lessee
The Group has entered into contractual lease arrangements relating to
chargers with Fastned Terra 1 B.V.. These leases have a remaining term
of 2 years and 1 month, ending on 31 January 2026. At the end of the
contract, Fastned will support Fastned Terra 1 B.V. with the removal of
the chargers, the potential sale of the chargers and the delivery of the
chargers to a warehouse. The cooperation with Fastned Terra 1 B.V. is
non-exclusive for all parties.
On a monthly basis, Fastned pays a revenue share based on the
amount of kWh sold through the Fastned Terra 1 B.V. chargers under
these contracts. The future lease commitment is therefore depending
on the amount of kWh Fastned sells. In case Fastned does not sell any
kWh at these chargers, the payment will be zero. Fastned delivered
1,307,642 kWh via the chargers of Fastned Terra 1 B.V. in 2022 (2021:
1,027,164)).
For information regarding short term and low-value lease
commitments see Note 13.
Commitments
At 31 December 2022, the Group had initiated the construction of
several fast charging stations, these will be realised in the first half of
2023. Fastned usually partly prepays orders placed with suppliers and
the larger part of these prepayments are already capitalised in the
balance sheet. The outstanding commitment at 31 December 2022
amounted to approximately \u20ac21.56 million (2021: \u20ac21.2 million).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-337": {
"value": "
Commitments
At 31 December 2022, the Group had initiated the construction of
several fast charging stations, these will be realised in the first half of
2023. Fastned usually partly prepays orders placed with suppliers and
the larger part of these prepayments are already capitalised in the
balance sheet. The outstanding commitment at 31 December 2022
amounted to approximately \u20ac21.56 million (2021: \u20ac21.2 million)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-338": {
"value": "Related party disclosures
| | | |
| | | Amounts owed by related parties |
| | | Amounts owed by related parties |
| | | |
| | | |
| | | |
Terms and conditions of transactions with related parties
Fastned B.V. pays a variable lease to Fastned Terra 1 B.V. based on the
kWh sold from the chargers owned by both companies.
For terms and conditions of the payables and outstanding loans with
Fastned Terra 1 B.V. and Fastned Terra 2 B.V. please refer 14.2.
Compensation of key management personnel of the Group
Key management personnel are those persons having authority and
responsibility for planning, directing and controlling the activities of
the group as a whole. The Group considers all members of the
Management Board, FAST Board and the Supervisory Board to be key
management personnel as defined in IAS 24 \u201cRelated parties.\u201d
The total remuneration package for key management personnel may
consist of the following components:
a)Fixed part - Base salary and holiday allowance;
b)Long-term incentive - share options;
c)Pension benefits;
d)Other benefits.
Other benefits include lease cars.
Remuneration of the Management Board
| | | | | |
| Short term employee benefits | | | |
|
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| Short term employee benefits | | | |
|
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
*Niels Korthals Altes resigned on 9 March 2022.
Remuneration of the FAST Board
The remuneration and contractual terms of employment of FAST
Board members are determined by the general meeting of depository
receipt holders. Apart from their remuneration, FAST Board members
shall be reimbursed for all reasonable costs incurred with the consent
of the chairperson of the FAST Board, or, with respect to the
Chairperson, incurred with the consent of the Chairman of the
Supervisory Board.
Remuneration of Supervisory Board
The General Meeting determines the remuneration of the Supervisory
Directors. The Supervisory Directors are entitled to a fixed annual fee
as determined by the General Meeting taking into account the time to
be spent by such Supervisory Directors. No additional fees are due for
their membership of the Audit Committee. The total compensation for
each Supervisory Director for the financial year ending on 31
December 2022 was as follows:
| | | | | | |
| | |
| Short term employee benefits | | Short term employee benefits | |
| | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
In 2022, Jerome Janssen was appointed member of the Supervisory
Board. He doesn't receive a remuneration. He is compensated for
travel expenses with a maximum of \u20ac 7.5 thousand.
In 2022, the total remuneration for all management board amounts to
316 thousand (2021: 1,429 thousand) , FAST Board amounts to 40
thousand (2021: 32 thousand) and supervisory board member amounts
to 113 thousand (2021: 96 thousand).
The amounts disclosed in the table are the amounts recognised as an
expense during the reporting period related to key management
personnel.
Some family members of key management personnel are members of
the Founders Cub. In 2022, a total of 461 kWh (2021: 166 kWh) were
charged for free by these family members. See note 21
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-339": {
"value": "
Compensation of key management personnel of the Group
Key management personnel are those persons having authority and
responsibility for planning, directing and controlling the activities of
the group as a whole. The Group considers all members of the
Management Board, FAST Board and the Supervisory Board to be key
management personnel as defined in IAS 24 \u201cRelated parties.\u201d
The total remuneration package for key management personnel may
consist of the following components:
a)Fixed part - Base salary and holiday allowance;
b)Long-term incentive - share options;
c)Pension benefits;
d)Other benefits.
Other benefits include lease cars.
Remuneration of the Management Board
| | | | | |
| Short term employee benefits | | | |
|
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| Short term employee benefits | | | |
|
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
*Niels Korthals Altes resigned on 9 March 2022.
Remuneration of the FAST Board
The remuneration and contractual terms of employment of FAST
Board members are determined by the general meeting of depository
receipt holders. Apart from their remuneration, FAST Board members
shall be reimbursed for all reasonable costs incurred with the consent
of the chairperson of the FAST Board, or, with respect to the
Chairperson, incurred with the consent of the Chairman of the
Supervisory Board.
Remuneration of Supervisory Board
The General Meeting determines the remuneration of the Supervisory
Directors. The Supervisory Directors are entitled to a fixed annual fee
as determined by the General Meeting taking into account the time to
be spent by such Supervisory Directors. No additional fees are due for
their membership of the Audit Committee. The total compensation for
each Supervisory Director for the financial year ending on 31
December 2022 was as follows:
| | | | | | |
| | |
| Short term employee benefits | | Short term employee benefits | |
| | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
In 2022, Jerome Janssen was appointed member of the Supervisory
Board. He doesn't receive a remuneration. He is compensated for
travel expenses with a maximum of \u20ac 7.5 thousand.
In 2022, the total remuneration for all management board amounts to
316 thousand (2021: 1,429 thousand) , FAST Board amounts to 40
thousand (2021: 32 thousand) and supervisory board member amounts
to 113 thousand (2021: 96 thousand).
The amounts disclosed in the table are the amounts recognised as an
expense during the reporting period related to key management
personnel.
Some family members of key management personnel are members of
the Founders Cub. In 2022, a total of 461 kWh (2021: 166 kWh) were
charged for free by these family members. See note 21
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-340": {
"value": "Key events post reporting date
Staff options milestone 3
In February 2023, staff options for the third milestone of the 2018
Option plan were granted. In total 191,529 options with a weighted
average exercise price of \u20ac 19.58 were issued to employees. The
estimated fair value of these options is \u20ac 3.3 million of which \u20ac 3.2
million will be reported as a non-cash cost in Fastned's 2023 financial
statements. The remaining \u20ac 0.1 million is subject to a 3 year vesting
period and will be reported as a non-cash cost in the following 3 years.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-341": {
"value": "Remuneration of auditors
This note includes all fees agreed to be paid to the Group\u2019s auditors
whether in relation to their audit of the Group or otherwise.
Group auditor for 2021 and for 2022 is Deloitte Accountants B.V.
| | |
| | |
| | |
Fees payable to the Group\u2019s auditor for the audit of the consolidated parent company accounts and subsidiaries accounts of Fastned B.V. | | |
Non-audit and other assurance services | | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-342": {
"value": "Standards and interpretations issued but not
yet effective
At the date of authorisation of these financial statements, the Group
has not applied the following new and revised IFRS Standards that
have been issued but are not yet effective, and, in some cases, had not
yet been adopted by the EU:
| |
IFRS 17 (including the 2022 amendments to IFRS 17) | |
IFRS 10 and IAS 28 (amendments) | Sale or Contribution of Assets between an Investor and its Associate or Joint Venture |
| Classification of Liabilities as Current or Non-current |
| Reference to the Conceptual Framework |
| Property, Plant and Equipment - Proceeds before intended Use |
| Onerous Contracts \u2013 Cost of Fulfilling a Contract |
Annual Improvements to IFRS Standards 2018-2020 Cycle | Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 9 Financial Instruments, IFRS 16 Leases, and IAS 41 Agriculture |
Amendments to IAS 1 and IFRS Practice Statement 2 | Disclosure of Accounting Policies |
| Definition of Accounting Estimates |
| Deferred Tax related to Assets and Liabilities arising from a Single Transaction |
The management does not expect that the adoption of the Standards
listed above will have a material impact on the financial statements of
the Group in future periods.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:7245000V8JJ8CE1L8G60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}